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Germany to double first euro fund contribution

The Local · 20 Dec 2011, 08:26

Published: 20 Dec 2011 08:26 GMT+01:00

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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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The Local (news@thelocal.de)

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Your comments about this article

09:08 December 20, 2011 by Englishted
So money does grow on trees after all .
10:37 December 20, 2011 by storymann
I hope it does, because Italy will need around 200 billion by the end of the year.

The fund will need a minimum of 1 trillion Euros and that could evaporate in a year.

One thing is certain 300 to 400 billion Euros is only a drop in the bucket.
11:50 December 20, 2011 by Wrench
So......I can kiss my retirement good-bye then.
15:03 December 20, 2011 by r2d2c3po
The silly fool does not know when to stop wasting taxpayer's money.
19:59 December 20, 2011 by Illogicbuster
Socialists ALWAYS eventually run out of other peoples money to spend. Germans, kiss your savings goodbye. They'll be eaten up by hyper-inflation of the Euro...
22:51 December 20, 2011 by wxman
Question. When your adult children are living on their own and find themselves a little short, does this help in the long run? Just askin'.
02:30 December 21, 2011 by jmclewis
A fool and their money are soon parted!
07:38 December 21, 2011 by Englishted

Good name, for your logic is busted if you think the C.D.U. is a socialist party .
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