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Germany's parliament begins key debate on euro bailouts
Published in Saudi Press Agency on 08 - 09 - 2011


The German parliament began Thursday an emotional
debate on boosting the scale of the eurozone's bailout mechanism,
with tensions showing inside Chancellor Angela Merkel's ruling
coalition, according to dpa.
Many conservative Germans fear that the European Financial
Stability Facility (EFSF) will weaken their savings and usher in
rampant inflation.
Some of Merkel's legislators say they will vote against the bill,
although main opposition parties support it.
Finance Minister Wolfgang Schaeuble told the first-reading debate
in the Bundestag house of parliament that the enlarged EFSF was vital
to stabilize the euro currency.
The bill is scheduled to face its final third vote in both
chambers of parliament on September 23.
Schaeuble defended the plan from accusations that it let deficit
spenders off the hook, saying it only gave them time to recover their
competitiveness.
"We cannot let them off finding a solution to their structural
problems," he said.
Conservatives charge that guarantees to other eurozone nations
undermine parliament's authority over German federal spending. To
cater to those objections, some predict the bill will be modified
before it passes into law, to allow more legislative oversight.
Earlier this week, straw polls showed 14 government legislators
may vote against the bill, but that is not enough to prevent its
passage.
Sigmar Gabriel, leader of the main opposition Social Democrats -
who are committed to the bill - accused Merkel of undermining both
the markets and other eurozone nations by her early reluctance to
join in bailouts.
"Why have you allowed the entirety of European and international
politicians and the financial markets to get exasperated and
suspicious about Germany's policy?" he said.


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