mick silver
1st September 2011, 09:30 AM
http://www.thedailybell.com/2861/DB-Briefs-EU-Hits-a-German-Wall-USA-Food-Stamps-for-All-For-Now-Hurricane-Irenes-Fear-Based-Politics-Surge-to-the-Fore ...
Euro bail-out in doubt as "hysteria" sweeps Germany ... German Chancellor Angela Merkel (javascript:showWindow(500,800,'/floatWindow.cfm?id=2686');) no longer has enough coalition votes in the Bundestag to secure backing for Europe's revamped rescue machinery, threatening a consitutional crisis in Germany and a fresh eruption of the euro debt saga. – UK Telegraph
Dominant Social Theme: The EU experiment is not in doubt and never will be. No matter what happens, the EU will last.
Free-Market Analysis: Germany is the motor of the European Union; the rest of the EU troubles can be seen as something of a sideshow. But now the challenges facing the EU may deepen considerably. Chancellor Angela Merkel has had a habit of proclaiming that Germans will not stand for a transfer union and then arranging in increasing detail to implement one anyhow. Now her constituents may have had enough. Merkel is feeling the heat. She recently cancelled a journey to Russia to stay home while the German constitutional court rules on the legality of the EU's bail-out machinery. There is certainly a chance that the Court shall rule Merkel's various deals with the EU to be unconstitutional under Germany's original treaty with the EU.
In fact, there is little doubt that Merkel has crossed the line. Now fed-up Germans are ready to push back. "Hysteria is sweeping Germany," said Klaus Regling, the EFSF's director. What this means is that Merkel cannot count on cooperation even from her own party when it comes to keeping the EU afloat. Over 20 members of her own coalition plan to oppose the latest bailout package that Merkel engineered with French President Nicolas Sarkozy (javascript:showWindow(500,800,'/floatWindow.cfm?id=2707');) and others. This is a very big story. Germany is not Spain, Greece or Portugal. If the Germans are in a defiant mood, they can bring down the EU, the euro and the entire post-World War II European economic consensus.
Euro bail-out in doubt as "hysteria" sweeps Germany ... German Chancellor Angela Merkel (javascript:showWindow(500,800,'/floatWindow.cfm?id=2686');) no longer has enough coalition votes in the Bundestag to secure backing for Europe's revamped rescue machinery, threatening a consitutional crisis in Germany and a fresh eruption of the euro debt saga. – UK Telegraph
Dominant Social Theme: The EU experiment is not in doubt and never will be. No matter what happens, the EU will last.
Free-Market Analysis: Germany is the motor of the European Union; the rest of the EU troubles can be seen as something of a sideshow. But now the challenges facing the EU may deepen considerably. Chancellor Angela Merkel has had a habit of proclaiming that Germans will not stand for a transfer union and then arranging in increasing detail to implement one anyhow. Now her constituents may have had enough. Merkel is feeling the heat. She recently cancelled a journey to Russia to stay home while the German constitutional court rules on the legality of the EU's bail-out machinery. There is certainly a chance that the Court shall rule Merkel's various deals with the EU to be unconstitutional under Germany's original treaty with the EU.
In fact, there is little doubt that Merkel has crossed the line. Now fed-up Germans are ready to push back. "Hysteria is sweeping Germany," said Klaus Regling, the EFSF's director. What this means is that Merkel cannot count on cooperation even from her own party when it comes to keeping the EU afloat. Over 20 members of her own coalition plan to oppose the latest bailout package that Merkel engineered with French President Nicolas Sarkozy (javascript:showWindow(500,800,'/floatWindow.cfm?id=2707');) and others. This is a very big story. Germany is not Spain, Greece or Portugal. If the Germans are in a defiant mood, they can bring down the EU, the euro and the entire post-World War II European economic consensus.