Merkel steps in to defend ECB after German outcry |
| National Post - Sep 7, 2012 |
Chancellor Angela Merkel defended the European Central Bank on Friday after its plan to buy the debt of troubled eurozone states stirred outrage in Germany and threats from some in her own party to try and block the scheme.
ECB President Mario Draghi unveiled plans on Thursday for potentially unlimited purchases of bonds of up to three years maturity issued by countries that request a European bailout and fulfill strict domestic policy conditions. The German central bank chief was the sole dissenting voice in the decision.
Merkel’s center-right coalition remains broadly behind her stance of backing help for vulnerable states such as Spain and Italy in return for tough reforms of their national finances.
But the outcry from a small but vocal eurosceptic minority among her own parliamentary supporters and from influential conservative media underlined the political risks as the euro crisis builds ahead of a general election due a year from now.
Read Full Article from National Post
- Posted: 2012-09-07 16:13:50
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