Today's Coming Crisis Movie

Monday, July 9, 2012

Merkel 'must' come clean

BERLIN. German President Joachim Gauck has ordered chancellor Angela Merkel to clarify exactly what she agreed to behind closed doors at the EU crisis summit 11 days ago, lending a powerful voice to critics dismayed by the surging costs of euro bailouts.

''She has a duty to explain in great detail what it means, and what it means fiscally. There seems to be a lack of energy in telling the people what is really happening,'' he said.

A hearing was due overnight by Germany's constitutional court on the legality of the European Stability Mechanism, the EU's €500 billion ($A601 billion) bailout fund. A clear ruling against the ESM would throw into doubt Germany's ability to backstop the euro and risk an escalation of the debt crisis. Source