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Merkel warns of limits to EU patience for Cyprus

The Local · 22 Mar 2013, 12:08

Published: 22 Mar 2013 12:08 GMT+01:00

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Merkel cautioned Cyprus against "exhausting the patience of eurozone partners" during a meeting Friday with the parliamentary group of her junior Free Democratic Party coalition partners, participants told news agency AFP.

She also complained at the talks that the Cyprus government had not been in contact for days with its international creditors, the European Union, the European Central Bank and the International Monetary Fund, the participants said.

Merkel rejected the Cyprus government's proposal to involve pension funds in the country's rescue plan and was reported by participants to have said: "The EU must in no way abandon its principles."

Her comments were confirmed by other sources within her conservative party reported by the DPA news agency.

German Finance Minister Wolfgang Schäuble has expressed scepticism about the Cyprus government's "Plan B" to avoid financial meltdown, the mass-circulation daily Bild reported Friday.

Story continues below…

"Cosmetic changes alone are not enough," the newspaper quoted Schäuble as saying, citing government coalition members who took part in a meeting with the minister late on Thursday.


The Local (news@thelocal.de)

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Your comments about this article

15:44 March 22, 2013 by wethepeople2012
Be careful of being pushed into perpetual debt. So far Ireland, Portugal, Greece, Spain, and Italy are in perpetual debt to Germany and Belgium. Better to turn your back on the big banks and go your own way or to be paying from birth to death.
17:04 March 22, 2013 by Dizz
I am trying to remember who it was that said this over two years ago. It was some commentator on tv who said that its is actually the German economy that is the outlier in the Eurozone with high exports, stable growth etc etc. It doesn't fit the general pattern in Europe and therefore, in order to save the EURO currency, it is actually most logical that it be Germany that leaves it. The moment they go back to the Deutsche Mark the Euro can reset itself at a realistic exchange value reflective of the strengths / weakness' of the bulk of its members. Makes sense to me!
18:49 March 22, 2013 by chicagolive
@Dizz that will never happen because the euro is the only reason why Germany sits where it is now. The problem is that the EU is not really a Union but a fiefdom for Germany when the government actually starts being run from Brussels than change shall happen continental wide.
20:06 March 22, 2013 by Englishted
What principals does the E.U. have then Mrs. Merkel?

Schäuble is the new Dr. Strangelove.
20:35 March 22, 2013 by liondens
This is old news, jus like the last 3 years, back and forth, back and forth, and in the end, the german tax payers got the bills. If i'm not mistaking then german banks have atleast 5 billion euros at stake here, frau Merkel is fluffing no doubt.
21:51 March 22, 2013 by US-TommyBoy
Really, now the EU has hit the limit?

The people of Greece, Ireland, Italy, Portugal & Spain owe €2,91 trillion Euros to 13 banks.

These are only the 13 biggest banks, there are many more that lent money, that together add up to a much bigger debt numbers.

And all Cyprus needed was €10 billion? And the depositors were going to have to take a haircut? Cyprus had a balanced budget twice just a few years ago.

The EU was going to risk a bank panic (and still is risking a bank panic) and punish depositors in Cyprus, plus maybe some Russians?

Hang on Germany. I will say it again. If Russia has money maybe you need to join that union and drop out of the EU. You would know what you were dealing with at least.

More Infographics
00:42 March 23, 2013 by Leo Strauss
@ Englishted

'Schäuble is the new Dr. Strangelove.'

You have to see this picture, or perhaps you have- hilarious:


Neofeudalismus! XD
01:20 March 23, 2013 by sonriete
Diktat !!!
09:29 March 23, 2013 by Istabraq
Title should read.

'Cyprus warns of limits to EU patience for Merkyl'
10:16 March 23, 2013 by Englishted
@Leo Strauss

No I had not ,thank you .
11:36 March 23, 2013 by AlexR
'Merkel warns of limits to EU patience for Cyprus'

To the *EU* patience, not Germany.

And if it's not clear by now, Merkel doesn't only want to dictate the EU policy, but now she also wants the job of the EU spokesperson talking of behalf of the rest of the "European partners".

What a travesty EU has become.
11:24 March 24, 2013 by raandy
Cyprus needs money from the ESM, Cyprus contributes .20%to the ESM, Germany contributes 27.1 % of ESM funds France follows with 20.4% , these two nations make up almost half of the money disbursed to the 17 member states.
20:51 March 24, 2013 by AlexR
@ raandy

Your numbers are correct but I fail to see your point. Also Italy and Spain (both in severe crisis) contribute 18% and 12% to the ESM, respectively.

And I fail to see your point because the contribution of each county to the ESM is mainly calculated according to the population of each country and not the size of its economy, which would be much more correct.

The population of Germany as percentage of the Eurozone population is 24%, France 20%, Italy 18.5% and Cyprus 0.25%, and their contribution to ESM reflects those percentages.

Also, you are probably aware that all the recent outrage about the Cypriot "chaos" is for about 5 billion euro which is almost nothing compared to the 200+ billion that Greece received, the 100+ billions for each Ireland and Portugal and the 500+ billions for each Spain and Italy.

And it makes that outrage very hypocritical when there was almost no mention by the politicians and the media that more than 400 European banks, have received 2.5 trillion euros (that is, 2500 billion) taxpayers money, since the crisis started.
16:18 March 25, 2013 by wethepeople2012
The Russians will get pay back for the money that was stolen. I for see Gazprom increasing prices to make up for the money that was stolen.
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