Endgame For Euro: German Lawmakers Revolt As Public Opinion Hardens Against More Bank Bailouts

Endgame For Euro: German Lawmakers Revolt As Public Opinion Hardens Against More Bank Bailouts

By Jane Burgermeister
Published: September 6, 2011

*GERMAN LAWMAKERS FAIL TO SUPPORT NEW EUROZONE BAILOUT FUND IN TRIAL VOTE

*90% OF GERMANS OPPOSE NEW BANKSTER BAILOUT FUND

*CONSTITUTIONAL COURT RULING ON LEGALITY OF BAILOUTS AND ROLE OF PARLIAMENT EXPECTED TOMORROW

*GREECE SINKS DEEPER INTO DEBT UNDERLINING FAILURE OF BAILOUTS

*ITALY ON STRIKE OVER AUSTERITY MEASURES

*EUROBONDS WOULD GET CC RATING AS EURO BLOC FACES FINANCIAL COLLAPSE UNDER DEBT OF INSOLVENT BANKS AND STATES

*SEARCH FOR EXIT FROM DEBT TRAP INTENSIFIES, CAMPAIGN FOR NORTH SOUTH EURO TO BE LAUNCHED INAUTUMN BY HANS OLAF HENKEL

The German government is facing a backbench rebellion over plans to establish a new euro bailout fund which would commit virtually all of the country’s financial resources to the banks.

More than 19 lawmakers yesterday refused in a test vote to support legislation for the European Financial Stability Facility with new powers to hand hundreds of billions of euros directly to banks.

Continued. . .