We have wondered recently about how long Germany would continue to co-sign loans for all the other countries in Euro-zone. Today we find out that the Germans may have had about enough.
Mrs Merkel has cancelled a high-profile trip to Russia on September 7, the crucial day when the package goes to the Bundestag and the country's constitutional court rules on the legality of the EU's bail-out machinery.
If the court rules that the €440bn rescue fund (EFSF) breaches Treaty law or undermines German fiscal sovereignty, it risks setting off an instant brushfire across monetary union.
The seething discontent in Germany over Europe's debt crisis has spread to all the key institutions of the state. "Hysteria is sweeping Germany " said Klaus Regling, the EFSF's director.
The seething discontent in Germany over Europe's debt crisis has spread to all the key institutions of the state. "Hysteria is sweeping Germany " said Klaus Regling, the EFSF's director.
German media reported that the latest tally of votes in the Bundestag shows that 23 members from Mrs Merkel's own coalition plan to vote against the package, including twelve of the 44 members of Bavaria's Social Christians (CSU). This may force the Chancellor to rely on opposition votes, risking a government collapse.
See it here; http://www.telegraph.co.uk/finance/financialcrisis/8728628/Euro-bail-out-in-doubt-as-hysteria-sweeps-Germany.html
What will happen if the Euro starts collapsing?...no one really know how it will play out, but we can assume it will be a very violent event for the financial markets...which are already more volatile than they have EVER been.
See it here; http://www.telegraph.co.uk/finance/financialcrisis/8728628/Euro-bail-out-in-doubt-as-hysteria-sweeps-Germany.html
What will happen if the Euro starts collapsing?...no one really know how it will play out, but we can assume it will be a very violent event for the financial markets...which are already more volatile than they have EVER been.
Hi! This is not a comment on this paticular post, but I was unable to locate a link to where I could ask you a question about something totally unrelated :)
ReplyDeleteMy question is: Have you read anything concening the ground zero mosque, or the qround breaking ceremony that was going to take place on 9/11/11? I cannot find anything on it! I am wondering if they are going to "suprise" us all by holding the ceremony that day without letting the news get out before hand.
Holding a ceremony like that on the 10 year anniversary would be an act of war, and I keep thinking about David Wilkerson's prophecy about 1,000 fires comming to New York City. I don't want to see it happen but his prophecies have come to pass in the past so it concerns me.
I appreciate your blog!
Be blessed!
Tammy Peterson
Nashville, TN
Hey there,
ReplyDeleteAnother article along these lines that is a good read.
Market crash 'could hit within weeks', warn bankers A more severe crash than the one triggered by the collapse of Lehman Brothers could be on the way, according to alarm signals in the credit markets.
http://www.telegraph.co.uk/finance/financialcrisis/8721151/Market-crash-could-hit-within-weeks-warn-bankers.html
September is looking like it could be very interesting.
Peace,
Tom
Hi Tammy,
ReplyDeletelast I had heard the developers were having numerous problems, so I don't believe the mosque has been built so of course don't think there will be any grand opening any time soon. Here is one article that is pretty recent. http://pajamasmedia.com/barryrubin/2011/08/28/the-ground-zero-mosque-will-never-be-built-for-totally-non-political-reasons/ Thanks for reading and for the encouragement!