Eurozone finance ministers are scheduled to discuss significant increases to the bailout packages for indebted countries in Brussels on Tuesday. But policymakers remain divided over the best way to finance the bailout schemes, including the EU's main rescue fund, the European financial stability facility (EFSF). After crisis talks in October, Angela Merkel and Nicolas Sarkozy said they hoped to expand the €440bn (£377bn) EFSF to around €1 trillion: large enough to cope with the prospect of possible bailouts for Spain and Italy. But recent attempts to construct a bigger fund have failed, leaving ministers scrambling to find alternatives. Some leaders want the European Central Bank to take an active role, but new central bank boss Mario Draghi has ruled out buying large amounts of Italian and Spanish government debt to stabilize their borrowing costs. Rumors circulated over the weekend that Spain was preparing to make a bid for EFSF funds after Madrid saw the cost of its borrowing reach 6.7%. Sources close to the incoming government of Mariano Rajoy denied that he had made a request for bailout funds from Brussels, although they refused to say whether he was considering making such a request. Analysts say the situation is complicated by calls in Ireland and Portugal for a Greek-style debt write-off. Dublin and Lisbon are expected to take their case to the finance ministers' meeting on Tuesday, arguing that they should also enjoy the 50% reduction on their debts that was negotiated for Athens.
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Sunday, November 27, 2011
Eurozone finance ministers are scheduled to discuss significant increases to the bailout packages for indebted countries in Brussels on Tuesday. But policymakers remain divided over the best way to finance the bailout schemes, including the EU's main rescue fund, the European financial stability facility (EFSF). After crisis talks in October, Angela Merkel and Nicolas Sarkozy said they hoped to expand the €440bn (£377bn) EFSF to around €1 trillion: large enough to cope with the prospect of possible bailouts for Spain and Italy. But recent attempts to construct a bigger fund have failed, leaving ministers scrambling to find alternatives. Some leaders want the European Central Bank to take an active role, but new central bank boss Mario Draghi has ruled out buying large amounts of Italian and Spanish government debt to stabilize their borrowing costs. Rumors circulated over the weekend that Spain was preparing to make a bid for EFSF funds after Madrid saw the cost of its borrowing reach 6.7%. Sources close to the incoming government of Mariano Rajoy denied that he had made a request for bailout funds from Brussels, although they refused to say whether he was considering making such a request. Analysts say the situation is complicated by calls in Ireland and Portugal for a Greek-style debt write-off. Dublin and Lisbon are expected to take their case to the finance ministers' meeting on Tuesday, arguing that they should also enjoy the 50% reduction on their debts that was negotiated for Athens.
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Den Euro-Rettern steht eine turbulente Woche bevor: Am heutigen Montag müssen Italien und Belgien sich frisches Geld am Kapitalmarkt besorgen. Am Donnerstag versuchen dann Spanien und Frankreich, Staatsanleihen an die Investoren zu bringen. Insgesamt geht es für die vier Länder um knapp 19 Milliarden Euro. Eine Herausforderung. Zuletzt hatten Euro-Staaten nur noch mit Mühe Geld bekommen. Die Euro-Krise könnte sich weiter verschärfen.
Foto: dpa
Angela Merkel und Nicolas Sarkozy wollen einen neuen Stabilitätspakt durchdrücken Deshalb versuchen sich die Regierungen zu wappnen. Am Dienstag treffen sich die europäischen Finanzminister in Brüssel, um endlich die letzten Details für den stärkeren Euro-Rettungsschirm EFSF zu vereinbaren. Sie wollen sich auf Bedingungen für den Einsatz von zwei Kredithebeln einigen. Mit deren Hilfe soll das Volumen der EFSF auf bis zu eine Billion Euro vergrößert werden.
Allerdings gibt es mittlerweile erhebliche Zweifel, ob das Konstrukt überhaupt funktioniert. Im Finanzministerium beruhigt man. Der Parlamentarische Staatssekretär Steffen Kampeter (CDU) schrieb in einem Brief an den Haushaltsausschuss weiter von einer Verdreifachung oder gar Verfünffachung, die möglich sei. Die EFSF hat noch unverplante Mittel in Höhe von 250 Milliarden Euro.
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