Tag Archives: firewall

Berlin budges on boosting euro crisis firewall

GlobalPost, 29 March, 2012

BERLIN, Germany — The European debt crisis hasn’t gone away.

Despite something of a lull following the frenzied maneuvers to prevent a Greek default, the specter of contagion still looms.

As the 17 euro zone finance ministers prepare to meet in Copenhagen later this week, the focus has now shifted to exactly how much firepower is required to prevent the crisis from spreading to big economies like Italy and Spain.

Germany, the bloc’s paymaster, has long been reluctant to see the euro zone’s new permanent bailout fund increased beyond the agreed 500 billion euros.

This week, however, Chancellor Angela Merkel signaled that Berlin is open to boosting the firewall by allowing the temporary and permanent funds to run in parallel for a transitional period. Continue reading

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