Courtesy of Mish.
The Wall Street Journal reports European Economics Commissioner Olli Rehn expressed concern Monday that Germany, Austria, Belgium, Estonia, Slovakia, and the Netherlands were dragging their feet in ratifying the ESM.
In the meantime, the Journal reports Spain May Tap EFSF.
The article states “Power broker Germany has yet to complete the process but is expected to do so soon.”
That is a distinct downplay of what is really happening.
Political Football Over ESM
In Germany, Chancellor Merkel does not have the votes to ratify the ESM. She needs help from opposition parties. Those opposition parties want a financial transaction tax before they will sign.
Last Sunday German opposition fumed before fiscal pact talks
A media report that German Chancellor Angela Merkel is not serious about implementing a European financial transaction tax threatens to undermine an initial deal struck last week with the opposition over the EU’s planned fiscal pact.
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