|Germany Rejects Geithner, ECB Refuses To "Print", Greece Gets Final Warning|
|ZeroHedge, 17/09/2011 (traduire en Français )|
Looks like no more official trips for G-Pap anywhere very soon:
- ECB'S WEIDMANN-IT IS WRONG TO ABANDON ALL PRINCIPLES OF MONETARY POLICY BY CITING A GENERAL EMERGENCY-SPIEGEL
- GERMAN CSU HEAD - IF GREECE CAN'T OR WON'T KEEP TRACK WITH RESCUE PLAN THAN AN EXIT FROM THE EURO ZONE IS CONCEIVABLE-SPIEGEL
More from Reuters:
European Central Bank Governing Council member Jens Weidmann told Germany's Spiegel magazine in an interview he considered it wrong to "throw out all established principles of monetary policy by citing a general emergency."
In a preview of an interview to be published in the new edition of Spiegel, Weidmann, head of the Bundesbank, said: "Once people start to use monetary policy there will always appear to be reasons suggesting it should continue to be used."
60% des allemands estiment qu'ils n'ont plus rien à gagner à rester dans l'euro :
|Germany Rejects Geithner's Leveraged Rescue Fund Proposal; First Time Ever, Majority of Germans No Longer See Benefits to Eurozone Membership|
|Mish's Global Economic Trend Analysis, Mike Shedlock, 17/09/2011 (traduire en Français )|
t's good to see someone thinking clearly, and that someone is certainly not Treasury Secretary Tim Geithner who wants to dump more Euro risk on the backs of European taxpayers, especially German taxpayers.
Bloomberg reports Germany Rejects Using ECB Leverage to Increase European Rescue Fund’s SizeGermany’s top two finance officials rejected using the European Central Bank to boost the euro-area rescue fund’s firepower, rebuffing a suggestion by U.S. Treasury Secretary Timothy Geithner.
“The EFSF’s sole purpose is the financing of states and that’s in order as long as it’s done via the capital market,” Bundesbank President Jens Weidmann told reporters today. “If it’s done via the central bank it constitutes monetary state financing,” which is forbidden under European Union rules.
“We don’t think that real economic and social problems can be solved by means of monetary policy,” said German Finance Minister Wolfgang Schaeuble, speaking alongside Weidmann after the meeting of EU finance ministers and central bank governors. “That has never been the European model and it won’t be.”
60% of Germans See No Benefit to Being Part of Eurozone
Please consider Wolf Richter's excellent article on recent German polls and the rebuffing of Geithner: Bailout Rebellion in Germany Heats UpFor the first time ever, a clear majority (60%) of Germans no longer sees any benefits to being part of the Eurozone, given all the risks, according to a poll published September 16 (FAZ, article in German). In the age group 45 to 54, it jumps to 67%. And 66% reject aiding Greece and other heavily indebted countries. Ominously for Chancellor Angela Merkel, 82% believe that her government's crisis management is bad, and 83% complain that they're kept in the dark about the politics of the euro crisis. "There cannot be any prohibition to think" just so that the euro can be stabilized, wrote Philipp Rösler, Minister of Economics and Technology, in a commentary published on September 9 (Welt, article in German). "And the orderly default of Greece is part of that," he added. Instantly, all hell broke loose, and Denkverbot (prohibition to think) became a rallying cry against the onslaught of criticism that his remarks engendered.
Future Decided at the Polls
There's more in Richter's article including preposterous demands for Eurobonds by the Italian Finance Minister. Fortunately, the Eurobond idea is dead, thanks to a sensible ruling by the German courts.
Looking ahead, what Merkel wants will not matter after the next election. She will be toast, as will the leaders of Spain, Italy, and Greece.
French president Sarkozy may not survive either although some have written from France that his anti-Euro opponent, Marine Le Pen has no chance. I would certainly like to see some recent polls on that. Anyone have any?
Regardless, sentiment has clearly changed in Germany. Moreover, Finland and Austria have had enough of bailouts as well.