Germany to double first euro fund contribution
Published: 20 Dec, 2011 CET.
Updated: Tue 20 Dec 2011 08:26 CET
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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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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