While Germany and the other euro members will “stick to the monetary union,”
every euro state has to fight the problems it faces as it’s “impossible for
Germany to pay everybody’s bills,” Schaeuble said. Germany “would be destroyed”
if it overstretched its resources, he said. ....Turning to Spain, the German
minister said financial markets have yet to appreciate efforts made by the
country’s government, led by Prime Minister Mariano Rajoy, to return to
sustainable public finances. Standard & Poor’s cut Spain’s sovereign-debt
rating by two levels to BBB- on Oct. 10, citing the backtracking of euro-region
peers on a pledge to sever the link between the sovereign and its banks. “Since
Spain is under the pressure of markets, Spain had to take decisions on reducing
its deficit, to increase its competitiveness, but Spain is delivering since the
Rajoy government is in place,” Schaeuble said. “They’re doing very well but it
takes time until markets believe them.”
Swedish Finance Minister Anders Borg said yesterday it’s“most probable” that
Greece will quit the common currency and such an outcome shouldn't be ruled out
over the next six months. Schaeuble told the Singapore-German Chamber of
Industry and Commerce that a Greek exit would create “huge” problems and
wouldn't happen. .... “If you look at how much interlinked we are in the
European Union and in the currency union, to leave it would create huge,
incredible difficulties for everyone,” Schaeuble said. “Therefore the better way
is to solve it, but of course it has to be solved.” Euro-area finance ministers
on Oct. 8 backed Greece’s plan to trim its budget and reshape the economy, while
demanding that the government in Athens commit to a list of 89 policy steps
before the summit. They didn't commit on whether the next 31 billion-euro aid
installment will be paid out in one go or released in smaller chunks. “Everyone
is trusting that Samaras and his government is really decided to do what is
needed,” Schaeuble said.
4 comments:
I hope Germany doesnt think that a 'Currency Commissioner' will stop the Greeks from spending too much. It isnt like Germany, where instructions are followed.
Greece will take and take and promise whatever, but at the detail level, which the Commissioner wont be able to deal with, they will never make good on their commitments.
What are they thinking anyway? The only way to make Greece balance the books is to walk away from it and leave it to its own devices.
ITAIN REFERENDUM DEMAND - IN or OUT of the EU - RALLY AT LANCASTER HOUSE LONDON - THURSDAY 18/10/2012 1:00 p.m
There are still moves afoot to fool the British public ; - perhaps you too have seen this report about it and its proposed cynical wording ?
"A senior source told The Daily Telegraph that Whitehall officials and government lawyers had already begun considering how to deal with a referendum on a recommendation that Britain stays in the EU without joining a political union".
source: http://www.telegraph.co.uk/new...
Enoch Powell said in19 71 - warning on the implications to Britain of EEC membership long term , during the final stage of negotiations, Powell took himself round Europe speaking in Turin (in Italian), Frankfurt (in German) and Lyon (in French) .
He used these speeches to warn his French, Italian and German audiences that the British tradition of national sovereignty and parliamentary democracy was incompatible with European economic and political union.
He also saw the future dangers -the implications for Britain and "Europe":-
“A common currency means common government; the one is meaningless and impossible without the other.”
The latest wheeze from David Cameron is that he is now promising a referendum on the EU after he is re-elected in 2015 !
But you have a chance :
A protest rally is being organised by the British Patriots Society ( but who "organises" the rally is not the point - it's the numbers that turn up that counts ) against the EU and British governments conference to "celebrate" twenty years of the single EU market. This will be on October 18th at Lancaster House, London at 1:00 pm.
David Cameron will be attending the conference.
Spread the word.
If you will - print copies of this poster (see link under this text ) . Attach inside your car window or hang it up at your place of work and at clubs and places you frequent. Inform your friends and colleagues about the protest.
[http://imageshack.us/a/img715/...
There must be an EU “currency commissioner” with sweeping powers to strike down national budgets; a “large step towards fiscal union”; and yet another EU treaty.
Finance minister Wolfgang Schaeuble dropped his bombshell in talks with German journalists on a flight from Asia, and apparently had the blessing of Angela Merkel, the chancellor. “When I put forward such proposals, you can take it as a given that the chancellor agrees,” he said.
Officials in Brussels reacted with horror. “If that is the demand, they are not going to get it. Nobody in the Council wants a new treaty right now,” said one EU diplomat.
“We’ve got the fiscal compact and quite enough fiscal discipline. Not even the Dutch want a commissioner telling them how to tax and spend,” he said.
The new demands risk another stormy summit in Brussels on Thursday, pitting Germany against the Latin bloc. The last summit in June ended with an acrimonious deal in the small hours on a banking union that began to unravel within days.
I hope Germany doesn't think that a 'Currency Commissioner' will stop the Greeks from spending too much. It isnt like Germany, where instructions are followed.
Greece will take and take and promise whatever, but at the detail level, which the Commissioner wont be able to deal with, they will never make good on their commitments.
What are they thinking anyway? The only way to make Greece balance the books is to walk away from it and leave it to its own devices.
Germany seems to be saying that if they cannot control the Euro and the budgets, they're off. The Greeks are a liability and no other nations will not want to lose that amount of sovereignty.
I'm going to sit back and watch the fun because this has been a long time coming
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