German bailout vote is ‘too little, too late’

Posted by Kendall Harmon

Chancellor Angela Merkel won her "own majority" for the bill, narrowly averting the collapse of her government, but only after pledging that there was no grand plan committing Germany to vast and unlimited liabilities.

Horst Seehofer, leader of Bavaria's Social Christians CSU, said his party would go "this far, and no further", insisting any expansion of the rescue machinery was out of the question. "The financial markets are beginning to ask whether Germans can afford all this help. We must not risk the creditworthiness of the German state," he said.

Norbert Lammert, the Bundestag's president, said lawmakers felt they had been "bounced" into backing far-reaching demands and warned that Germany's legislature would not give up its fiscal sovereignty to any EU body.

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Filed under: * Economics, PoliticsEconomyCredit MarketsCurrency MarketsEuroEuropean Central BankThe Banking System/SectorThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--Foreign RelationsPolitics in General* International News & CommentaryEurope--European Sovereign Debt Crisis of 2010Germany

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Posted September 30, 2011 at 8:00 am [Printer Friendly] [Print w/ comments]
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