[kitchencabinetforum] MERKEL AND MEPS LOCK HORNS OVER EUROBONDS

As the working group drafting the "international agreement on a reinforced economic union" reconvenes today, European Parliament representatives Elmar Brok (EPP, DE), Roberto Gualtieri (S&D, IT), and Guy Verhofstadt (ALDE, BE) stress in their amendments that all decisions must be based on normal EU procedure in order to ensure democratic accountability and Parliament's legislative role are respected. They also call for a roadmap with a view to introducing eurobonds. But nobody trusts the freakish Greek government which persecutes and robs dissident bloggers. http://venitism.blogspot.com

Giving eurobonds to PIGS is giving gin to alcoholics! Kangaroo Graecokleptocrats, who persecute and rob dissident bloggers, are a disgrace to ancient Greeks. Merkel reinforces her opposition to eurobonds, declaring that a communistic collectivization of debt would leave the bloc's members worse off. This is communism, pure and simple! Germany, Europe's largest economy, would face extra costs of a hundred billion euros a year through the alignment of interest rates with nations that pay more to borrow. Eurobonds lead us to a debt union, not to a stability union.

The European Parliament representatives' proposed changes to the draft agreement aim at reinforcing the `debt brake'. They call on Member States to establish a national debt reduction fund and to adopt a roadmap towards creating the conditions that will allow them to issue part of their sovereign debt in common, with joint and several liabilities. A "sustainable framework" is needed for the possible introduction of stability bonds, with the aim of enhancing economic governance and economic growth in the euro area, say the MEPs.

The kangaroo justice government of Greece, the most disgusting persecutor of dissident bloggers, is an embarrassment to Fourth Reich. Eurobonds create a transfer union. Eurobonds would benefit profligate PIGS, especially corrupt Greece, whose borrowing costs on the open market have become prohibitively expensive, but they would expose fiscally sound countries like Germany to more risk, increasing the country's low interest rates. Eurobonds would subsidize the dolce vita of PIGS.

Elmar Brok (EPP, DE) said: ""The new draft took on board a number of Parliament's points, especially those re-enforcing the role of the EU institutions, and the request to transfer the substance of the agreement into the EU Treaties within five years at latest has been accepted as well. We still need insurances that no new institutions will be created, and that all measures will be taken by Community legislation according to the rules laid down in the EU Treaties."

Damocles' sword of kangaroo justice is hanging over Greeks. Merkel rejects joint eurobonds as absolutely wrong. Restoring stability to the single currency bloc requires a longer-term step-by-step approach. We must move away from a debt union and toward a sustainable stability union. This won't be easy but it is right. In order to bring about common interest rates, you need similar competitiveness levels, similar budget situations. You don't get them by collectivizing debts.

Roberto Gualtieri (S&D, IT) commented: "The European Parliament insists that stability cannot be achieved without solidarity and growth. The proposed agreement must not be at the expense of much-needed public investment. We have added new Articles on the creation of a national debt redemption fund and the introduction of project bonds and a Financial Transactions Tax, all of which would give a huge boost to the budgets and economies of EU Member States".

The freakish government of Greece is the only one on Earth that buys votes with sinecures and favors, and robs and persecutes dissident bloggers! Merkel points out that if the debt all goes into the one pot, you have difficulty figuring out where it all comes from. Spreading risk through eurozone would place Germany on a slippery slope where in the best case it would be on par with the European average, or, we all get worse together. Instead, a European framework needs to be developed in which a regulating body must have a right to intervene in order to bring fiscal discipline to failing budgets.

Guy Verhofstadt (ALDE, BE) said: "It is essential that the new treaty is fully compatible with the existing Treaty and with existing EU law. It must also fully use the community method including when it comes to full parliamentary scrutiny and democratic accountability. Anything less will make it impossible for the Parliament to agree with the new treaty."

The Greek Ministry of Foreign Affairs does not have any better thing to do than persecuting dissident bloggers! Eurobonds violate the Maastricht Treaty, which stipulates that no country can be held liable for another country in Fourth Reich (EU). Eurobonds would even elevate liability to the level of a principle and force Germany to vouch for the debts of other countries whose fiscal behavior they cannot control. Germans would not tolerate the tax increases and reductions in transfer payments that this would necessitate.

Eurobonds would not be as safe as German government bonds. And since they would stimulate even heavier borrowing, they would have to yield higher rates. In the wake of the current bailout measures, the German government burdens taxpayers with risks worth one trillion euros. Likewise, over the last year, risk premiums for German government bonds have doubled. There simply isn't any more room for maneuver.

The three MEPs also have serious doubts as regards the provisions enabling Member States to bring each other before the Court of Justice when failing to comply with budgetary discipline. They question the compatibility of this article with the EU treaties and its proper functioning and will ask for further clarification. http://venitism.blogspot.com

Finally, the EP representatives insist that the agreement enters into force after ratification by four fifths of the Eurozone members and that its provisions are brought within the framework of EU law as rapidly as possible. Member States shall propose to amend EU treaties to include the agreement within five years of it entering into force. After seven years the agreement will automatically expire.

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