(EUEUEUEUEU) Appointed Italian PM blames Germany for EU debt
on Thu Mar 29 02:56:20 2012, in response to EUEUEUEUEU Olog, posted by RockParkMan on Sat Nov 12 14:58:17 2011.
Yes, this did shock Correspondent Olog. After all, Monti owes his current job to Germany . . . but notice that he calls Germany (and GF France) "bad parents" who set a "bad example" for the rest of the eurozone (what a twisted way to say that Germany runs the EU) . . .
AFP via The Local
Italian PM: Germany to blame for EU debt
Published: 28 Mar 12 10:16 CETThe Italian Prime Minister has blamed Germany for Europe's debt woes which, he told reporters on Wednesday, lie in irresponsible parenting from stronger member countries during the eurozone’s infancy.
On a visit to Tokyo, President Mario Monti announced that because the eurozone's two largest players—Germany and France—had not abided by fiscal rules, they had set a bad example for the rest of the continent.
"The story goes back to 2003 (and) the still almost infant life of the euro, when Germany and France that were too flexible concerning public deficits and debts," Monti said.
“Of course if the father and mother of the eurozone are violating the rules, you could not expect (countries such as) Greece to be compliant," he added.
The technocrat, who replaced billionaire media magnate Silvio Berlusconi in November as head of the EU's third largest economy, said that flouting rules that allowed for an annual budget deficit of no more than three percent of GDP was the issue.
He said despite recommendations from a meeting of ministers from European Union governments, France and Germany had escaped without punishment for going beyond the deficit limit.
The eurozone is now under pressure to increase its debt rescue fund, as the Organization for Economic Cooperation and Development (OECD) announced on Tuesday that a financial safety net of at least €1.0 trillion was needed.
Eurozone finance ministers are meeting on Friday and Saturday in Copenhagen to decide whether to increase the EU safety net or not.
The OECD said the refinancing needs of vulnerable eurozone nations could top €1.0 trillion over the coming two years, on top of cash needed to recapitalize banks.
Italy alone needs some €750 billion to finance its debt, while Spain requires around €370 billion over the next three years.
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