The word is a monster, and the consequences can be monstrous. With the Monetary Union Financial Act, which is decided in the course of Friday by the Bundestag and Bundesrat, creating Germany, the basis for its share of the Greece-Aid: 22.4 billion euro state guarantee for the loans with which the State Bank for reconstruction of the southern state reaches under her arms.
Krumrey Henning, Director of the Office of Capital Economics weeks Werner Schüring for Economic weeks
Unlike in the past decades there have been at this important European political decision not a large majority of time on the factions of the Bundestag. The SPD, which delivered on Thursday a protracted war of nerves with the government coalition, pulled at the end of their agreement back. The Greens joined the vote against the draft and the government.
The dispute was kindled in the text of the resolution, which provides the policy framework for the naked law. The request will be listed above all the measures to mitigate future policy with which the speculation and the banks contribute to the cost of Greece help. The coalition is – in accordance with the International Monetary Fund – on a bank levy and is willing to shave the salaries and bonuses stronger. The SPD was on the other hand on her favorite instrument, the financial transaction tax. The blocked again the FDP, which wants no tax increase and, second, first durchwinken criticized that so little, every purchase of shares of Jane Smith and John Doe would be more expensive.
In Friday’s debate before the votes piled up again, the blame game. had the CDU and FDP recalled that it was the Red-Green government of Gerhard Schröder, who had softened the European Stability Pact, the pressure on the EU Commission made not to open a deficit procedures against Germany, the hedge funds registered in Germany and short sales allowed had. Conversely, the opposition accused the government of threatening the banks only in announcements, but still enforced, no serious measures have to. The Green economist Fritz Kuhn warned Angela Merkel: "Your Chancellor will be measured by whether you are able to put the speculation in the financial markets one end, or if you can not manage."
Guessed it has any
The refusal of the SPD marked a turning point, but no improvement. All parties had been given in recent decades, the delusion of German European policy has always been that that is superimposed on the political calculus of the economic necessities. Whether the admission of new Member States or the introduction of the euro: Always one press nationally and internationally to an eye in order to achieve political success – the economic risks it fell from view. Greece still came as a bulwark against Communism in Southeast Europe, the EU, although it is far from economically ripe. We had similar problems with the eastward enlargement and, most recently in the admission of Bulgaria and Romania. Even with these two candidates, everyone knew that they do not meet the requirements for example in terms of rule of law and combating corruption and organized crime.
With the introduction of the euro, it was to get as many members into the club. The fact that Greece’s economy would not be able to make up their competitive disadvantages, was known. The fact that the budget figures were manipulated more than the other countries (including Germany!), Knew or suspected any. All parties in Germany – with the exception of the Left, which are usually on the other hand – have taken part in the political game. Just cleaning up the damage done together in the SPD would not participate now. Their abstention to help her, especially in the final phase of the North Rhine-Westphalia election campaign, to distance himself from the unpopular rescue package.
The Social Democrats may comfort themselves with the conservatives in Greece. There, the former ruling party Nea Democratia was also instrumental in a much worse crisis situation, under their leadership took place in the grossest number forgeries. But the Conservatives voted in Athens on Thursday night against the tough rescue package, with Greece at all only get access to the 110-billion-euro currency using the partners and the IMF. There, political irresponsibility leads to a split not only of Parliament but also promoted the division of society.
In the Bundestag, the law at the end was decided by 390 votes in favor of the coalition and the Greens. 139 deputies abstained, 72 voted no.
Following approval of the Federal President Horst Köhler should design the law nor in the afternoon, so that the Chancellor was able to travel at night in good conscience for the special EU summit in Brussels. The message was received from Germany!