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Merkel: Rescue package is a temporary fix

AFP · 16 May 2010, 14:16

Published: 16 May 2010 14:16 GMT+02:00

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Speaking at a conference of the Confederation of German Trade Unions in Berlin, Merkel said that recent speculation against the euro "is only possible because of huge differences in the economic strengths and debt levels of member states."

With the rescue package, "we have done nothing more than to buy time until we have brought order to these competitive differences and to the budget deficits of individual euro countries," she said.

The giant fund of loan guarantees, for which Germany will have to make available up to around €150 billion ($186 billion), was agreed in emergency talks in Brussels last Sunday.

Dubbed "shock and awe," the package briefly cheered markets and offered some respite to the plunging euro, but doubts quickly resurfaced about the ability of governments to push through crippling cuts to conquer their deficits.

Speaking a day after the joint agreement between the European Union and the International Monetary Fund was clinched, Merkel said it served to "strengthen and protect the common currency."

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The wider package followed a €110-billion bailout deal for debt-wracked Greece, which was hugely unpopular in Germany and contributed to a shattering defeat for Merkel last Sunday in a key regional election.

"What happened in Greece, that is to say the year-on-year falsification of statistics, is completely unacceptable," Merkel said.

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Your comments about this article

15:26 May 16, 2010 by Prufrock2010
"Speaking at a conference of the Confederation of German Trade Unions in Berlin, Merkel said that recent speculation against the euro 'is only possible because of huge differences in the economic strengths and debt levels of member states'."

Why who could ever have predicted that?!
00:45 May 17, 2010 by derExDeutsche
I they couldn't pass measures to clean this up before, why would member states 'clean it up' now? Because they got a Trillion?

Too many Unions, pensions, Govt. workers and social services to pay off. Greece knows that if they cut services, there will be riots in the streets.

Then where will the money come from to Pay for Health Insurance, etc.

I thought Prufrock said that 'Health care is a Right' in the EU, that needs to be run by the Govt. Because Govt.s don't go broke. I thought she said only Free Markets go broke. I'm confused.LOL
01:11 May 17, 2010 by Prufrock2010
Don't misquote me, pal. I said "health care is a right, not a privilege." I never said any of the rest of your bullshit.

The money will come from taxes, where it rightfully should come from. I imagine that even in the banana republic you say you live in there is something akin to universal health care. In any case, I have health care in Germany that is far superior to that of the U.S.
01:28 May 17, 2010 by derExDeutsche
Is that why my Grandmother traveled to the US for Spinal Surgery?

Yes, in my country there is Universal Coverage. Although, given the choice, you wouldn't want to step foot in one of those Hospitals. Private Health Care is THE Fastest growing Industry in my Banana Republic;).
06:36 May 17, 2010 by mrsams
How come your grandmother travelled to the US for final surgery? My father in-law has spinal surgery here, from the specialist to the hospital he got the schedule all very quick (just within 2 weeks)and properly done. After the surgery they even transffered him to a special place(kurort or cure place in english)for a theraphy for 1 month without any hussle financially.For me it's already a luxury what I saw the way they treated him.Im my own country you even have to wait half a year (if you are lucky) just to get a schedule for simple surgery.
07:39 May 17, 2010 by derExDeutsche
to be honest, I really couldn't tell you why. What you say may be very true. This happened 5 or so years ago. At the time I didn't think to ask her the reason she chose a Surgeon in the US. I think it was the Tulsa Spine and Specialty Hospital, it was in OK anyway. She was fine up until last year, when a stroke hit. So, no asking her anymore...

No doubt the medical care in Germany is great. Just the question becomes, at what cost. Taxes so high that companies leave Germans unemployed, but really really healthy? To walk the streets looking for scraps with a spring in their step?

In an ideal world we would have it all, I guess.
16:30 May 17, 2010 by Tobsen

"health care is a right, not a privilege"

offtopic, but: I strongly disagree. Imho there can be no universal right to health care or similar SERVICES. It is exactly that state of mind that has recently been referred to as "spät-römische Dekadenz." Universal health care is a nice thing to have and it sets solidary societies apart from others, BUT to assume that you have a RIGHT to such services just shows how spoiled you (and we as a society) are.

Free speech can be a universal right, because it doesn't cost anything. Health care is a service that costs money and that money has to be earned. And when you spend more than you earn over an extended period of time...you get Greece.
17:08 May 17, 2010 by Prufrock2010
Tobsen --

I hope you will remember your words if you are ever unfortunate enough to contract a life-threatening illness or suffer a life-threatening accident, or if your loved ones do, and you find yourself uninsured or under insured.

I come from a country that is spending hundreds of billions of dollars on two stupid, disastrous wars that cannot be won, all at the taxpayers' expense. That money could far better be used to provide health care and decent educations to the citizens. The fact that the U.S. is the ONLY country in the developed world that does not provide some some of universal health care for its citizens reveals just how craven the political "leaders" of that country are. It is not about services that cost money that has to be earned, it is about priorities and a social conscience.

If you don't think citizens have a right to services that cost money, I suggest that you stop using highways, public transportation, garbage collection, water, gas, electricity and government subsidized gasoline unless you can pay the actual costs for your usage yourself. And in case of a major disaster, like a hurricane, tornado, flood or earthquake, don't ask the government for assistance. Then you'll be a true libertarian.
20:35 May 17, 2010 by lshayne
I am an American citizen and no one in the United States is denied health care. It is illegal for hospitals to turn away the uninsured away. The 48 % of Americans who pay taxes pick up the bill....We have the best health care in the world and our doctors are awarded financially for their education and their hard work and dedication. I find it ironic that individuals are raving about socialized medicine in this post when in the same newspaper there is an article about a doctors stike. We have never had physicians strike in the United States. As far as the as the complaints about how much money we spend on our National defense....I would say it has served us well in inthe past...... God bless America...
00:15 May 18, 2010 by Prufrock2010
ishayne --

Yes, it is illegal in America for hospitals to deny emergency medical treatment to the uninsured.

Then comes the bill, which can be anywhere from $20,000 to $100,000, depending upon the emergency and the treatment. That's why there's a bankruptcy filing in the United States every ten minutes.

Of course, those 45 million uninsured Americans can just forget about preventative care, doctor's visits, lab tests and routine medical treatment short of an emergency that requires immediate hospitalization.

And who can argue that the trillions of dollars that have been poured into the black holes of Iraq and Afghanistan on unwinnable wars have been anything but beneficial to the American people and the country's economy?
01:52 May 18, 2010 by lshayne
The hospitals right off their losses.... Do you really believe those patients pay? You didn't respond to the doctors being on strike in Germany. The majority of bankruptcy filings are due to irresponsible Americans abusing credit cards and buying junk they couldn't afford and being approved for home loans that they never should have been approved for. Now responsible citizens have to bail them out for their stupidity. As for your comments about the wars in Afghanistan and Iraq......What have you done to serve your country.....My husband is a United States Marine and I am very proud that he and his fellow Marines are willing to risk their lives to help countries in need.... How quickly we forget about the American soldiers buried in Europe defending your freedoms. But then again you will never get it.....
06:16 May 18, 2010 by derExDeutsche

its useless, Prufrock is obviously much smarter, not to mention enlightened, than any of us mere mortals.

I, however, agree with your post agree 100%.:) The US has now increased its national debt 400% since the beginning of the Obama regime. We will be paying 100% of our GDP paying off Debt by 2015. Welcome to Greece!
12:04 May 18, 2010 by Prufrock2010
ExDeutsche --

"Prufrock is obviously much smarter, not to mention enlightened, than any of us mere mortals."

Thanks for the compliment. Glad you recognize that.

Your buddy Bush, by the way, was the one who oversaw the financial meltdown and did the Great Bank Bailout. Obama hadn't even been elected yet. But some people have such short memories. Bush also tripled the national debt over 8 years while vacationing in Crawford, in case you never heard that news. Bush also found a way to prosecute his two cockamamie wars without including the costs in his debt balance. Heck of job, Dubya. How did that deregulation thingie work out for ya? It's working out real well down in the Gulf of Mexico right now, isn't it?

It's too bad Obama didn't let the economy sink like a stone into the next Great Depression. Then you tea party yokels would really have something to bitch about.

"Regime?" That's a Rush Limbaughism. Last time I looked, Obama was democratically elected by a huge margin. That would make it an "administration."

@ishane -- How about providing some authority for your fatuous assertion that "the majority of bankruptcy filings are due to irresponsible Americans abusing credit cards and buying junk they couldn't afford and being approved for home loans that they never should have been approved for"? Anyway, I'm glad that you, as a military dependent, have government provided health insurance, even though you don't think anyone else should.
15:40 May 18, 2010 by Prufrock2010
jmjdk --

I've said all I have to say on the subject. This subject was raised by someone else at the top of the thread, invoking me with a misquotation. I merely responded.
18:35 May 18, 2010 by derExDeutsche
'Regime' is a term used by many in the US to refer to any # or American Presidencies. It is only now that Neo Marxists have a problem with it. No Rush-isms possible, I can't stand The Fat Tub of Lard.

2. Who ever said Bush was any better?

3. Yes, Obama IS making sure Wealth is redistributed, and in turn helping the economy sink like the proverbial stone to the bottom of the abyss.
19:07 May 18, 2010 by Prufrock2010
Good. The sooner the better. Can't wait to see Lloyd Blankfein in a soup line.
20:28 May 18, 2010 by lshayne
Prufock......You obviously have a lot of time on your hands..... How about getting off your lazy behind and get a job and you wouldn't have to worry about having health insurance. Oh yeah you are a member of the new parasite society who is unable to take take care of himself and waiting for the government to take care of you. Don't you have any pride? My parents lived through the "Great Depression and were too proud to ask for assistance. They were not like the new class of poor who own flat screen T.V.s and are driving around in their BMWs. In you statistics for the uninsured did you include our uninvited guests who are here illegally and receive government benefits? Yes, we will end up like Greece if we don't have change.... Take personal responsibility for yourself, don't have children you can't afford and expect the working class citizens to pay to raise them for you. Get an education by working your way through school like I did. I promise you will value it a lot more . Take responsibility for your physical well being. It is ridiculous how overweight Americans have become. Exercise and quit eating unhealthy food and I promise you you will very rarely need to see a physician. You don't see obese Europeans.

And so my fellow Americans: Ask not what your country can do for you. Ask what you can do for your country.

John F. Kennedy
21:11 May 18, 2010 by Prufrock2010
Ishayne --

Thanks for the gratuitous advice. I have a job, thank you, and I've been paying exorbitant taxes for decades to pay for government and social services to be provided to underachievers just like you. You have no idea who I am, what I do for a living, how much I earn or what my contributions to society are or have been. You have no idea what I eat or what is the state of my health. You are a perfect example of the uneducated American loudmouth know-it-all who couldn't find your oversized @ass with both hands. Now why don't you try to stay on topic and quit flaming? I'm sorry that the dismal educational system that you were subjected to didn't prepare you to read the article I most graciously provided to prove that you didn't know what the f**k you were talking about vis-a-vis medical bankruptcy. Even though I already despise you, I hope for your sake that you never get seriously sick in the land of the free and home of the brave.
23:47 May 18, 2010 by lshayne
Just beautiful! I rest my case......LOL
00:31 May 19, 2010 by Prufrock2010
Enjoy your tea party, and watch out for those "uninvited guests." And if you're true to your principles, you'll voluntarily give up that government health insurance that I pay for. Ciao, bella.
04:57 May 19, 2010 by derExDeutsche
You're no dummy, Prufrock thats for sure. although all the name calling you do is kinda ridiculous. If you're so smart, whats the need?

you're trying to tell us the sky is red. To us it isn't. ok


if things don't work out with the Marine.... ;)
11:14 May 19, 2010 by Joshontour

Your being a bit misleading aren't you? I spent the past month in the U.S. and had a medical emergency which at that time I had to pay out of pocket. I spent 9 hours in the Emergency room, had a CT scan, and an I.V. with drugs for pain and nausea. The bill was around $350 if I paid up front, or $450 if I made payments. They also said that the payment structure was up to me. Hardly the picture you paint with your statement that "Then comes the bill, which can be anywhere from $20,000." Of course I fronted the money and my travel insurance paid me back once I got back to Germany, but it was hardly the doom and gloom scenario that you paint.

"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it."

(Frederic Bastiat)
19:38 May 19, 2010 by lshayne
Mr. Prucock,

With a name like that I can understand why you are so miserable and angry. I have private health insurance through my company. My husband who served 20 years for his country flying F18 Hornets and is now is a pilot with a (non union) private American airline has private health insurance through his company. I orginally came to this site for the first time because I was interested in the European economy and its direct effect on the American stock market. I never had the intention of getting into a discussion on American healthcare until Mr. Prucocks remarks caught my attention. Mr. Prucock please do not insult the Italians by attempting to use their language. I lived in Italy for ten years and never came across a rude and vile Italian man like yourself. Also, I find it hard to imagine that you are German. I travel to German every year to vist family and friends and they are wonderful people... I can only guess that you are one of those uninvited guests that the Germans must tolerate and support.
19:48 May 19, 2010 by derExDeutsche
Coffee ... $.50

Satellite Internet in a Banana Republic ... $200.00

Debating with Prufrock while Socialism Collapses ... Priceless
20:52 May 19, 2010 by lshayne

You are hilarious... Is this person for real? He claims to paying "exorbitant" taxes to support me. I would to call the Internal Revenue Service to make sure they received his check this year..... Meanwhile he wants to continue receiving his outstanding healthcare in Germany. I sure hope he didn't try and get an appointment today.
01:11 May 22, 2010 by Prufrock2010
ExDeutsche --

I wish you well as the economy collapses around you.

Ishayne --

Io sono Americano, et tu sei un imbecille. Buona fortuna e buona notte.
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