Fuck the bondholders! Merkel refuses to back down over debt burden

[Joanne98]

GERMAN CHANCELLOR Angela Merkel is refusing to back down from her push to force private investors to share the burden of the euro debt crisis, which helped send Irish borrowing costs to record levels.

Speaking in Seoul, where she is attending the G20 summit, Dr Merkel acknowledged her demands have upset the markets but insisted it was unfair for taxpayers to be saddled alone with the cost of sovereign rescues. “Let me put it simply: in this regard there may be a contradiction between the interests of the financial world and the interests of the political world,” Dr Merkel said.

“We cannot keep constantly explaining to our voters and our citizens why the taxpayer should bear the cost of certain risks and not those people who have earned a lot of money from taking those risks.”

http://www.irishtimes.com/newspaper/frontpage/2010/1112/1224283151994.html

And FUCK Rick Santelli too!

[OHdem10]

1. This is at the root of the Unrest you see in UK France Spain etx.

The Banks get off easy and taxpayers shoulder the burden.
The Media never explains this.

[xchrom]

2. She's right. Nt

[raccoon]

3. Man....Angela Merkel rocks! nt

[madrchsod]

4. the banksters want the german`s cash....

the same banksters that reduced germany to it`s knees and gave rise to hitler and ww2.

[jtuck004]

5. Rick Santelli is nothing more than a shill for Wall Street. Instead of

acknowledging that the current financial screwing we are experiencing was caused by Wall Street's 100+ trillion of leverage
on top of a mortgage market that was less than10% of that total, and was exacerbated by their dismantling and sale of millions
of industrial jobs over the past few decades to gain more short-term profits for shareholders, he goes after a pissy little
plan to save some people's homes.

The only thing worse than that is that so many uneducated and uninformed people bought into his garbage, and that many elected
officials are quite happy to play off of that for their own personal gain or ambition.

[Emillereid]

6. Way to go Girl! I love Germany -- it's so civilized.

My husband and I have been to Germany three times. When anything political came up, the Germans we met would always say something like, "Here in Germany we're having a conversation about X." I couldn't imagine using that phrase for what passes as political discourse here. In America it's more like, "We're having a shouting match about X/"

I so want to live somewhere else --my husband a dual (Canadian and American) -- and Canada seems more civilized.

[josiegallows]

7. No responsibility?

So let me get this straight, you don't think private investors have duties and obligations towards the markets they profit from?

This is exactly why I'm not a Capitalist.

[AnneD]

8. Excuse me...

that is the very definition of a Capitalism. It is all about taking risk for gain. Did you forget the sarcasm icon, right?????

[OllieLotte]

9. I agree that German taxpayers should not bail out the bondholders.

What will happen is that the value of the bonds will drop as it is viewed that the risk of default rises. New bonds will require that a much higher rate be paid, which will hurt the bond issuer even more. This is not going to have a good ending. America...take heed, we are headed down this same path.

[westerebus]

10. Ms Merkel has problems at home.

November 8 2010 some 50,000 Germans protested the Castor train with as many as 1000 protesters injured attempting to stop the "train of death". The Castor train was moving 133 tons of radioactive waste thru Germany. Some 5000 protesters had to be forcibly removed from the train track by riot police.

Ms Merkel had recently broken her promise to decommission several nuclear power plants within Germany.

[Karenina]

12. And THAT will come back to bite het in the butt next election.

However, I DO appreciate her economic stances. She HAS been proven correct. Would that she had the chance of a snowball in hell
to garner global support for her position on the derivatives trade...

[westerebus]

13. and the derivatives trade

will bite every pol in the ass. And once again we will hear, if we only knew then what we know now...

[Taitertots]

11. Cut off your nose to spite your face

They want to be part of the EU only when it is going to help them. Now that anything is expected of them they have no intention of stepping up to do what is right. Shared currency, shared central bank, shared problems.

Being greedy is ultimately risking bringing the debt crisis to their own country. How sanctimonious is Merkel going to be when the crisis destroys the EU economy? You sure showed them, right.