Tuesday, September 27, 2011

German Finance Minister: No Thanks to Obama "Stupid Idea"

 From The Telegraph:

"German finance minister Wolfgang Schauble said it would be a folly to boost the EU's bail-out machinery (EFSF) beyond its €440bn lending limit by deploying leverage to up to €2 trillion, perhaps by raising funds from the European Central Bank.
"I don't understand how anyone in the European Commission can have such a stupid idea. The result would be to endanger the AAA sovereign debt ratings of other member states. It makes no sense," he said. Mr Schauble told Washington to mind its own businesss after President Barack Obama rebuked EU leaders for failing to recapitalise banks and allowing the debt crisis to escalate to the point where it is "scaring the world"."

I can't imagine why the Germans wouldn't want to jump all over Obama's economic theories and ideas.  After all, look at what a great job he's been doing for us.

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