Article

2010-05-09 Europe

Angela Merkel's coalition loses majority in upper house

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Posted by Steve White 2010-05-09 15:27|| || Front Page|| [3 views ] Top

#1 Anyone with a decent understanding of Germany able to comment on this? I'm assuming it's largely a case of Merkel being punished for being seen to be using Germans' money to bail out the feckless Greeks, in spite of the fact that her opponents would probably have been doing the same, if not worse? Am I wrong?

Posted by Bulldog 2010-05-09 16:23|| 2010-05-09 16:23|| Front Page Top

#2 It's much like as if the US President had a 51 vote majority in the senate, and his party also controlled the house, then due to a midterm election lost control of the senate. The opposing party can stop his agenda dead.

But because Merkel's big issue right now is supporting Greece, though it is very unpopular in Germany, the assumption will be that any politician who supports Greece may get thrown out. So German support for a Greek bailout may soon be dead.

The timing is also awful, because right now, the EU is talking about what amounts to "nationalizing" all the sovereign debt in the EU. This is breaking right now.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNvRfcFRIgsU

There is also great concern that tomorrow, the Asian markets are going to tank horribly, which could cause the Euro to crash.:

http://finance.yahoo.com/intlindices?e=asia

Posted by Anonymoose 2010-05-09 17:37|| 2010-05-09 17:37|| Front Page Top

#3 "The timing is also awful, because right now, the EU is talking about what amounts to "nationalizing" all the sovereign debt in the EU."

Strikes me what's "awful" is what the EU appears to be planning (but that's an automatic fall-back position regarding the EU), 'moose. What am I missing?

Posted by Barbara Skolaut 2010-05-09 17:53|| 2010-05-09 17:53|| Front Page Top

#4 Barbara: I would like to think of it as the EU getting ready to vault over a chasm with a flying leap, not realizing that one of their shoes is untied.

Posted by Anonymoose 2010-05-09 19:49|| 2010-05-09 19:49|| Front Page Top

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