Euro zone bailouts in doubt as German taxpayers rebel

by John de Roe
27 August 2010 German Chancellor Angela Merkel, the leading light in the effort to prop up the Euro, European single currency scheme no longer commands enough support in the fragile coalition that governs Federal Germany to push through the necessary laws allocating funds to bail out the bankrupt economic basket cases of southern Europe. This loss of support in the Bundestag for Hausfrau Merkel's centre right Christian Democrat led coalition means Germany is unlikely to provide backing for Europe's revamped rescue machinery, threatening a constitutional crisis in Germany and a fresh eruption of the Euro debt saga.

The German crisis could prove a major setback for the unelected Bureaucrats and financial tycoons who wish to create a global governance system, a collectivist oligarchy in which unelected bureaucrats like the alleged rapist Dominique Strauss Kahn and super - wealthy neo Nazi collectivists like George Soros hold the reins of power and delegate administrative duties to desperate wannabes like Cameron, Sarkozy and Obama, people who would felch a skunk for a pat on the head from the rich and powerful.

In response to the crisis Mrs Merkel has cancelled a high-profile trip to Russia on September 7, the crucial day when the package goes before the Bundestag which will vote on approving funds, and the country's constitutional court which is due to rule on the legality of the EU's bailout machinery.

If the court decides the €440bn rescue fund (EFSF) breaches European Treaty law or undermines German fiscal sovereignty, it risks setting off a financial wildfire across the member states of the monetary union scheme.

The seething discontent in Germany over Europe's debt crisis has spread to all key institutions and state governments of the federal nation. "Hysteria is sweeping Germany " said Klaus Regling, the EFSF's director.

German media reported that the latest unofficial count of votes in the Bundestag shows that 23 members from Mrs Merkel's own coalition plan to vote against the package, including twelve of the 44 members of Bavaria's Social Christians (CSU). This may force the Chancellor to rely on opposition votes, risking a government collapse.

Christian Wulff, Germany's president, stunned the country last week by accusing the European Central Bank of going "far beyond its mandate" with mass purchases of Spanish and Italian debt, and warning that the Europe's headlong rush towards fiscal union strikes at the "very core" of democracy. "Decisions have to be made in parliament in a liberal democracy. That is where legitimacy lies," he said.

With Austria and Holland dead set against further bailouts, Finland and Luxembourg also against but too small in terms of population to make much difference and France, though still clinically solvent facing an imminent downgrade of its credit rating, the burden of any bail our or scheme to purchase the debt of the southern basket case nations would fall on the German taxpayers. It seems the German taxpayers had had their fill of filling the Club Med begging bowl and have no time for the global nation New World Order the oligarchic collectivist are working so frenetically towards.

A CSU document to be released on Monday flatly rebuts the latest accord between Chancellor Merkel and French president Nicholas Sarkozy, saying plans for an "economic government for eurozone states" are unacceptable. It demands treaty changes to let EMU states go bankrupt, and to eject them from the euro altogether for serial abuses.

A day earlier the Bundesbank had fired its own volley, condemning the ECB's bond purchases and warning the EU is drifting towards debt union without "democratic legitimacy" or treaty backing.

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