BERLIN (MNI) – German Chancellor Angela Merkel on Friday reaffirmed
her stance that the upper limit of Europe’s planned permanent bailout
fund, the European Stabilisation Mechanism (ESM), should not exceed the
already-earmarked E500 billion.
“I think this is of utmost importance,” Merkel said at a press
conference at an industry conference in Munich.
The German government cabinet on Wednesday approved the country’s
share of the financing for the ESM. Germany will contribute some E21.7
billion of paid-in capital and some E168.3 billion of callable capital.
The bill notes that the total E500 billion volume of the ESM could
still be revised after deliberations at the European level. Eurozone
leaders are scheduled later this month to discuss the possibility of
raising the upper limit of the ESM.
Merkel declined to comment on a media report that she had put the
name of her finance minister, Wolfgang Schaeuble, into contention to
succeed Jean-Claude Juncker as president of the Eurogroup. She said the
decision on Juncker’s successor has not been made yet.
Juncker’s term ends in June, and he has said he will not stay on as
Eurogroup head.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
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