Eurogroup Confirms Bulgaria’s Entry Into the European Stability Mechanism
The Eurogroup meeting concluded with an official decision that clears Bulgaria to join the European Stability Mechanism
Calls for Eurozone Safety Net Expansion Rattle Merkel's Coalition
World | September 26, 2011, Monday // 17:57
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German Chancellor Angela Merkel sits in front of the German national colors as she speaks at a regional conference of the Christian Democrat`s (CDU) state associations of Baden-Wuerttemberg, Rhineland-Palatinate and Saarland. EPA/BGNES
German Chancellor Angela Merkel's coalition has seen new strains, as a junior partner has demanded that she issue an instant denial after international calls for a massive expansion of the eurozone's existing safety net emerged.
New legislation is scheduled for passage this Thursday to enhance the 440-billion-euro European Financial Stability Facility (EFSF). Merkel went on television late Sunday to canvass public support, DPA reports.
"The chancellor must clarify very quickly that there are no changes in the EFSF rules," Christian Lindner, general secretary of the Free Democratic Party (FDP), has commented.
Germany "has to mind the limits of what is feasible"Horst Seehofer, leader of the Bavaria-only Christian Social Union (CSU), the third party in the ruling coalition, has declared, also opposing the notion of a wider bailout mechanism.
A handful of mavericks in all three parties in the coalition intend to vote against the bills, according to DPA. Merkel has struggled to soothe public opinion and calm fears that her coalition is on the verge of break-up over aid to troubled eurozone borrowers.
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