Hamburg - around 1.25 billion euros was the highly indebted Portugal last raise in the capital market, including Spain, supplied with fresh billions - but the EU Commission is therefore far from reassured. EU Commission chief Jose Manuel Barroso and his Brussels officials fear that fiscal shaky candidates shall soon for new problems in the debt crisis of the Euro-zone.Brussels is clearly nervous about this issue: "New, also exacerbated tensions seem inevitable in the early months of 2011," it says on the mirror information in a paper from the Department of EU Monetary Affairs Commissioner Olli Rehn. The efforts so far have not been enough to allay the concerns of investors.
Barroso is therefore an extension of the 750-billion-euro rescue screen to support the common currency. The Portuguese is thus on collision course with Chancellor Angela Merkel. Already in the past week, Barroso urged to increase the reserve parachute. Merkel responded tight-lipped on the proposal of the European Commission: it would "not comment further now," the CDU politician.
The EU Commission wants to have more money for bailout fund, the Chancellor wished more rest when it comes to € crisis. She had a bet that the money raised for Portugal and Spain would have a stabilizing effect. Although Merkel is not as fundamental opponent of a larger emergency parachute, it should be required.
But the timing of the Barroso thrust her is not located. "If it now goes for a further package of measures under discussion is particularly important that we develop an overall strategy that must include such a stronger economic coordination," Merkel said on Saturday in Mainz. This must be considered carefully, "so we can not now pull out every single aspect of day to go." But the situation is this: The EU Commission wants a comprehensive reform of the rescue, as early as Monday is the question at a meeting of EU finance ministers on the agenda.
Brussels puts the pressure: Is it the will of the EU Commission, European financial rescue fund gets the stabilization facility (EFSF) to SPIEGEL information to new tasks. He shall be authorized, among other things, to buy bonds of countries in financial distress, to relieve the European Central Bank.
In addition, the EFSF get if needed fresh money. "The effective funding of EFSF is increased to at least 440 billion euros," it is therefore in the Rehn-paper. 440 billion euros represent the euro-zone countries but now available - added resources of the International Monetary Fund (IMF) - but the 440 billion euros are necessary, not fully available: hold the EFSF be great assets to enable them the top rating of "AAA "gets the credit rating agencies.
Therefore, they can borrow only 250 billion euros to ailing states. The EU Commission wants to make the safety buffer unnecessary. Solvent Member States should provide for additional guarantees and further billions to increase the capital base of the rescue. More money for the Fund? Wolfgang Schäuble has a clear line for the meeting of EU finance ministers on Monday: "It remains at 750 billion euros, which were provided by the Europeans and the IMF," said the finance ministers of the Frankfurter Allgemeine newspaper.
However, added the CDU politician to try to improve the "mechanics of the rescue fund" so that the 440 billion euros are fully prepared, they should be required. "This problem must and we will be solved." Words of warning from the FDP, the liberal coalition partners will follow the debate of EU finance ministers and Schauble's proposals at the Brussels meeting exactly.
In the FDP is the clear line that the previously fully utilized only by Ireland rescue sufficient. "If there is a screen has been used only a small part, then there is no reason to discuss an extension," Foreign Minister Guido Westerwelle told the Tagesspiegel am Sonntag. Westerwelle's party colleague Volker Wissing warned Schäuble in a solo career without the participation of coalition partners: "If there is an expansion of liability, should the federal government at European level, no facts, without any advance to the parliamentary groups have been involved with it," said the chairman of the Finance Committee of the Bundestag.
Of a dispute between the Treasury and Westerwelle Schäuble wants to know nothing. A ministry spokeswoman said: "There is a clear common position exists within the Federal Government that the total volume of the rescue is not increased." With material by and
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