German Chancellor Angela Merkel’s cabinet approved new powers for the euro zone’s bailout fund on Wednesday, but she faces an uphill battle to convince party skeptics to back efforts to contain the crisis.
Concerned that Germany’s parliament has little control over the European Financial Stability Facility (EFSF), some members of Merkel’s center-right coalition are threatening to oppose boosting its powers when the Bundestag (lower house) votes on September 29.
If enough conservatives rebel and Merkel is forced to rely on opposition parties to pass the legislation, she could face pressure to dissolve parliament and call early elections, although the chances of that seem slim.
“I’ve reached the point that I just can’t support this anymore — pushing off enormous risks into the future,” said the most prominent dissident, Wolfgang Bosbach, who is normally a party loyalist with impeccable conservative credentials.
If you enjoy the content at iBankCoin, please follow us on Twitter
Nice to know there are a few good Germans left who are able to clearly see what is happening.
Bosbach hits the nail squarely on the head.
Please e mail me a caterlog
Thanks.