German finance minister Wolfgang Schauble has hit out against plans to boost the EFSF bailout fund, reports Ambrose Evans-Pritchard in The Telegraph.Schauble said:
“I don’t understand how anyone in the European Commission can have such a stupid idea. The result would be to endanger the AAA sovereign debt ratings of other member states. It makes no sense.”
Worse still, Schauble hit out against American intervention, days after Barack Obama criticised the European leaders’ handling of the debt crisis.
“It’s always much easier to give advice to others than to decide for yourself. I am well prepared to give advice to the US government.”
Evans-Pritchard notes that the comments could well anger the US, especially Tim Geitner, a key supporter of expanding the EFSF and already propping up the European economies in a variety of ways.
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