Germany pushes state default proposal at EU summit

European Union governments put up hundreds of billions of euros earlier this year to keep financially troubled members like Greece or Ireland from defaulting on their debts. Now Germany is pushing to let hopelessly indebted governments do exactly that -- admit they can't pay and hit bond investors with the costs instead of taxpayers.

But Berlin may have a hard time winning approval for a crisis resolution mechanism when EU officials meet in Brussels on Thursday and Friday.

Chancellor Angela Merkel last week won backing from France for a way to let countries that use the euro go bankrupt in an orderly way that doesn't make financial markets panic or require costly bailouts that would be funded, German officials fear, largely by them.

France agreed to the proposal for a so-called permanent crisis resolution mechanism in exchange for Germany yielding to France's desire for more lenient rules for states that break the EU's debt and deficit limits.

Source: www.businessweek.com...

It is unquestionable that Germany is the leader nation of the European Union.

The globalist elite are in control of the Euro, and bailing out financially sunken nations they have looted, such as Greece, with a debt to GDP ratio in excess of 117%.

It all reeks of socialism and corporate fascism; looting the economies of select nations to consolidate wealth and power is what the elite are so damn good at.