Germany, France in full agreement on EFSF: Germany

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ASusilovic

By Beate Preuschoff
BERLIN -- There is full agreement between Germany and France on the euro zone's bailout facility, the EFSF, German Finance Minister Wolfgang Schaeuble said Thursday.

He stressed that leveraging of the fund via the European Central Bank wasn't up for discussion.

An apparent split between Germany and France was amplified Wednesday when French Finance Minister Francois Baroin said that France wants the EFSF to have a banking license. This would allow it borrow against its sovereign debt holdings from the European Central Bank, and thus, bolster its own lending capabilities.

Germany and the ECB oppose this idea

http://www.marketwatch.com/story/ge...nt-on-efsf-germany-2011-10-20?dist=beforebell
 
and it takes them months to verbally agree on something, rest of the time is spent drinking coffee and eating croissants

Read how it operates.EFSF is dependent on the credit ratings of both France and Germany, and France's downgrade is imminent.
 
Quote from ASusilovic:

By Beate Preuschoff
BERLIN -- There is full agreement between Germany and France on the euro zone's bailout facility, the EFSF, German Finance Minister Wolfgang Schaeuble said Thursday.

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What kind of a name is "Beate Preuschoff ", Scotch-Romanian?
 
given this tough economic conditions why would any country want to become a guarantor for a country that is at the brink of default any moment, its like would you become the guarantor for your friend who u know is in a deep financial mess and whose situation is unlikely to improve any time soon when u only have enough to support yourselves, aware that u could be dragged down
 
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