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Reply #12: Germany heading for isolation over European Central Bank euro rescue role [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-28-11 07:40 AM
Response to Reply #9
12. Germany heading for isolation over European Central Bank euro rescue role

BRUSSELS: Germany faces mounting pressure to let the European Central Bank (ECB) save the euro, as France fretted on reports of IMF contingency bailout planning for a re-modelled Italy.

With bond market vultures circling even gold-plated economies and Italy's La Stampa daily citing IMF officials on a rescue plan worth up to 600 billion euros, another of Germany's closest allies broke ranks, leaving Berlin isolated.

Amid predictions that the common currency faces its death throes within weeks failing radical intervention, Austria joined Finland in backing ECB action to stem the financial market contagion threatening Italy, Spain and even France.

The pressure has intensified since Germany itself struggled to raise public finance on commercial money markets last week.
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