European Monetary Fund idea wins support in Germany

[FarCenter]

Momentum couldn't be greater to create a European Monetary Fund (EMF), financial experts say. But who, they ask, should pay for it?

With Greece on the brink of bankruptcy and Portugal in a bind, Germany has joined France in calling for a new system to rescue indebted nations in the eurozone. But neither Germany nor France nor any of other members in the eurozone have agreed on who should contribute to such a scheme and how much they should pay.

Responding to growing pressure to find a fix for Greece, German Finance Minister Wolfgang Schaeuble has thrown his support behind the idea of creating a sweeping new initiative that would have similar powers to those of the International Monetary Fund (IMF) but would not compete with the Washington-based organization.

In an interview published on Sunday in the Welt am Sonntag weekly newspaper, Schaeuble said that the euro zone countries should solve their problems through their own efforts and that he would “present proposals soon” for a new institution.

<SNIP>http://www.dw-world.de/dw/article/0,,5332774,00.html

[DJ13]

1. Might be a good idea

Anything to keep those blood suckers at the IMF at bay.