May 3, 2012 By gpc1981
‘Spain, which is now at the forefront of the Great Western Debt Default Collapse, has opted to seek funding from the mega-bailout fund, the European Stability Mechanism (ESM) rather than going directly to the ECB or the IMF.
reasons for this are clear: the IMF doesn’t have the funds (nor will it as the
Spain’s rating downgrade at Standard & Poor’s doesn’t alter Germany’s stance that banks can’t have direct access to Europe’s financial backstops, a senior lawmaker from Chancellor Angela Merkel’s party said.
German position is absolutely strict,” Michael Meister, the deputy caucus
chairman of Merkel’s Christian Democrats, said in a phone interview in
ESM funding idea is really just
German tempers boil over back-door euro rescues
Hans-Werner Sinn, head of Germany’s IFO Institute, said German taxpayers are
facing a dangerous rise in credit risk from a plethora of bail-out schemes.
“The euro-system is near explosion,” he told
Dr Sinn said
“It is a horror scenario,” he said, warning that the euro system is splitting friendly countries into blocs of mutually hostile creditors and debtors, exactly the opposite of what was hoped.
this week, the Foundation for Family Business in
is the last thing Angela Merkel
needs right now. Between this and inflation arising in
that note, I fully believe the EU in its current form is in its final chapters.
Whether it’s through
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Chief Market Strategist