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Germany to double first euro fund contribution

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Germany to double first euro fund contribution
Photo: DPA
08:26 CET+01:00
Germany's first contribution to the eurozone's rescue fund is likely to be double the amount previously expected at €8.6 billion, daily Die Welt reported on Tuesday.

German Finance Minister Wolfgang Schäuble is currently planning to transfer Berlin's €4.3-billion tranche for the European Stability Mechanism (ESM) due in 2013 a year earlier.

EU leaders are currently hammering out the details to launch the ESM by next summer in an attempt to stem Europe's sovereign debt crisis. Germany is to provide €21.5 billion of the fund's total capital of €80 billion. This will give it a lending capability of around €500 billion.

“It's clear that the faster the ESM receives capital, the more trust there will be on the financial markets,” Schäuble told the regional daily Rheinische Post.

DPA/The Local/mry

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