German Finance Minister: We're Giving $283 Billion To The EFSF And "That's It. Finished."

Wolfgang Schaeuble

Photo: en.wikipedia.org

German Finance Minister Wolfgang Schaeuble ruled out a larger German contribution to the European Financial Stability Facility in an interview published Saturday, according to Sky News.”The European Financial Stability Facility has a ceiling of 440 billion euros, 211 billion of which is down to Germany. And that is it. Finished,'” he told magazine Super-Illu.

This is the latest in a string of comments from Schaeuble that have wrecked hopes for an EFSF capable of recapitalizing European banks or taking on larger debts from peripheral Europe.

Dow Jones also reports that Schaeuble ruled out leveraging the EFSF in a meeting with the Free Democrats (FDP) on Tuesday.

Despite Schaeuble’s criticism of expanding the fund, his tune could change after a meeting October 9 between German Chancellor Angela Merkel and French President Nicolas Sarkozy. Reports say the meeting will be focused on speeding the economic integration of Europe, a proposal German voters are likely to reject.

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