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German Vote Bolsters Rescue
Keywords:
After intense efforts German Chancellor Merkel was able to pass legislation expanding the EU bailout fund with the support of members of her coalition in Parliament. The opposition Social Democrats and Greens supported the legislation. Merkel carried the vote with a 4 vote margin from her CDU-FDP coalition. Fifteen members of her coalition voted against the legislation. This increases the bailout fund's lending capacity from around 250 billion euros to 440 billion euros. There is considerable skepticism among members of the German parliament about whether this will work. German guarantees for the European Financial Stability Facility (EFSF) increase to 211 billion euros from 123 billion euros under the new legislation. German finance minister Schauble ruled out borrowing by the EFSF from the ECB and leveraging EFSF funds in the process. The fear for German policymakers is that this would lead to Germany losing its triple-A credit rating and create its own risks. Experts have cautioned against the use of leveraging because of the financial risks.
New Rules for the Euro Currency region in Sept. 2011 for policing deficits and national debt
09/27/2011
Grouped Articles
Europe to Vote on Tougher Rules for Currency
New York Times 09/27/2011
Wall Street Journal 09/30/2011
European Leaders Seek Bold Debt Deal, Despite Hurdles
New York Times 10/21/2011
The European Union agreement for the eurozone debt crisis in Greece and other countries in July 2011
06/30/2011
The first really workable agreement was finally reached in Brussels after a year of sharp differences between the ECB, EU leaders, Greece government and opposition parties, and leaders of France, Germany and other EU countries. Fears of contagion for Italy and Spain and a sense of the dangers to the EU and the Euro currency itself led to the agreement, with the EU governments coming up with the financial support which will be channelled through the European Financial Stability Facility. The debt ceiling crisis in the U.S. may have added to the urgency to reduce nervousness in the markets about a breakdown in EU governance along with that in the U.S.
Grouped Articles
Wall Street Journal 07/13/2011
Europe Must Choose Currency or Financial Union
New York Times 07/21/2011
Greece Gets New Bailout as U.S. Nears Brink
Wall Street Journal 07/22/2011
A Guide to the New Deal in Athens: How a 'Selective Default' Works
Wall Street Journal 07/22/2011
Wall Street Journal 07/22/2011
Euro Zone's Imperfect Path to Union
Wall Street Journal 07/22/2011
Charles Dallara of the Institute of International Finance's assessment of the Greece and eurozone debt restructuring of July 2011 and the Greece bailout in 2015
06/30/2011
Grouped Articles
Personalities Clashing Over How to Handle New Greek Bailout
New York Times 07/23/2015
Greek Bailout Negotiator Sees Benefits for Banks
New York Times 07/24/2011
Some Bailout Providers May One Day Need Help Too
New York Times 07/24/2011
Plan for Greece Favors Creditors
New York Times 07/25/2011
In Greek Debt Deal, Clear Benefits for the Banks
New York Times 07/25/2011
The Euro Crisis: Big Rescue, Big Doubts
BusinessWeek 07/28/2011
German reaction to the debt crisis in Greece, Portugal, Spain and Italy.
04/09/2009
Germany said to be turning nationalistic in this crisis, seeing Germany's economic successes as its own, and not accepting the advantage of export markets in Europe in strengthening Germany's economic position.
Grouped Articles
Wall Street Journal 03/03/2010
New York Times 11/03/2013
Germany's Surplus Isn't the Problem
Wall Street Journal 11/11/2013
How Italy's ENI Vastly Boosted Oil Output
BusinessWeek 04/09/2009
Greek Crisis Shows How Germany’s Power Polarizes Europe
Wall Street Journal 07/07/2015
New York Times 05/26/2010
Greece: EU, ECB, and EFSF negotiations for a selective default in July 2011
04/19/2010
Grouped Articles
Weber Sees Greece Needing More Aid
Wall Street Journal 04/19/2010
Greece Defaults on IMF Loan Despite New Push for Bailout Aid
Wall Street Journal 07/01/2015
Euro Zone Moves Toward Greek Deal
Wall Street Journal 07/21/2011
Europe Must Choose Currency or Financial Union
New York Times 07/21/2011
Greece Gets New Bailout as U.S. Nears Brink
Wall Street Journal 07/22/2011
A Guide to the New Deal in Athens: How a 'Selective Default' Works
Wall Street Journal 07/22/2011
The views of Axel Weber, former head of the Bundesbank, on the ECB's role and the need to address the underlying problems in Greece
04/19/2010
Axel Weber says the European Central Bank should stick to its mandate of setting monetary policy and not get too involved in the crisis in Greece. He says Greece's problems are structural and may take a long time to resolve, as much as 30 years. The European leaders have to decide on solving the underlying problems so that they cut the losses and restart, by offering debt guarantees and using partial creditor haircuts. Simply giving additional loans -which can never be repaid considering the debt of 350 billion euros ($496 billion)- or addding short term liquidity for a 3-5 year solution as European leaders have done so far, won't work.
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
Weber Sees Greece Needing More Aid
Wall Street Journal 04/19/2010
The 'Silent Austerity' in Banking
Wall Street Journal 01/21/2014
Not Quite Checkmate for the Bundesbank
Wall Street Journal 12/22/2014
Germany's Weber Slams Rescue Efforts
Wall Street Journal 06/27/2011
Richard Portes of the London Business School and other experts on the failures inherent in the EU's June 2011 Greece debt plan
06/22/2011
The EU's decision to adopt the French Banking Federation's plan that would double the cost of servicing Greece's debt will only make matters worse. This means increasing interest rates from 4-6% currently to 10% under 2% Greek economic growth, and makes debt servicing untenable. The adoption of similiar plans in the case of Mexico and Argentina in 2001, ended in failure a year after they were adopted, with private creditors taking losses. Financial markets see this with interest rates on Greek debt at 26%. Contagion might turn out to be worse as the situation deteriorates further.
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
What Greece Faces if It Defaults
New York Times 04/29/2015
If Greece Defaults, Imagine Argentina, but Much Worse
New York Times 06/25/2015
Move Buys Time for Greece, But Growing Debt Looms
Wall Street Journal 07/01/2011
Greece Approves Tough Measures on Economy
New York Times 06/29/2011
Wall Street Journal 06/30/2011
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