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Eurointelligence Daily Briefing: Will the Bundestag veto the ESM? (20 April 2011)
The first Christian Democrat rebel outed himself, joining 12 FDP deputies who pledged to vote against the ESM; 20 rebels are needed to defeat the legislation; spotlight is about to turn on German opposition parties, who have so far indicated their support (but this may change); the Greek government appointed international advisers for their programme on asset sales, as opposition to privatisation is mounting domestically; Gerald Braunberger argues that a Greek debt restructuring is necessary, as the country's debt is not sustainable; Wolfgang Münchau argues that there are a large hidden costs for the German taxpayer of a full debt restructuring, as the ECB will need to be recapitalised; Portugal's president attacks the lack of a European spirit among EU member states (without even a hint of self-criticism); the European Parliament voted in favour of a motion to instruct the European Commission to propose the outlines of a single eurozone bond; a study shows that Germany's financial services industry has no confidence in the eurozone rescue package; Christine Lagarde and Francois Baroin outline austerity measures to achieve the budget goal of a 3% deficit in 2013; Nicholas Sarkozy, meanwhile, is proposing a special bonus scheme for workers in companies that pay dividends to their shareholders.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Apr 21st, 2011 at 04:59:46 PM EST

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