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(Title) 
The article entitled ‘EMU: Rules for bankruptcy, said the problem is tight, but Angela Merkel wants to proceed with great caution, that the proposals not seen as a vote of censure against the European rescue net. So we handle them with utmost secrecy the whole thing with a small number of experts from various relevant departments.
The Greek financial crisis and the uncertainty caused by market led to this project, and according to the magazine, Angela Merkel believes that the recurrence of such a disorder is unacceptable. The plan controlled state of bankruptcy is to “create a strong incentive for Member States of the eurozone to keep tidy in their budget».
But the German Finance Minister Wolfgang Soimple states that “We must consider how way is possible in extreme cases, to proceed in a controlled collapse without endangering the eurozone as a whole ».
The project controlled state bankruptcy provides that holders of government bonds should be through a so-called haircut », to renounce part of their debts to help the country overcome the crisis. “The private sector should be included in the process, not just the taxpayer bears the economic burdens” noted in a draft that is circulating in the Chancellery.
The bond holder gets ‘bonus’ risk and therefore should be and assume that risk. The remaining value of the bonds will be guaranteed a new apolitical, independent authority, called the Berliner Club, bringing together member states of the G20, or only the eurozone. If the waiver requirements of creditors does not lead to improvement, the process enters its second phase, which takes place a comprehensive debt restructuring of the impacted country.
The Berliner Club will award a “familiar with the peculiarities of state debt person or group of persons” to take into account the financial interests of the bankrupt country. The measures will be monitored from the outset from the IMF.
In der Spiegel notes that the security provided by current EU rescue package and IMF up to 750 billion. euros in no way guarantees that the crisis will be addressed. The need for repeated rescue package, therefore not excluded. Unknown, however, is whether, when and to what extent the new plan will be implemented if the resistance is given. Countries either directly or under threat of bankruptcy, such as Greece, Portugal and Spain are expected to respond to projects in Berlin.
«Far So despite the obvious support for the plan, but there is no alternative because that the situation could deteriorate earlier than estimated “stresses the German magazine. “Aid for Greece is dependent on the implementation of EU standards and the IMF by the Papandreou government. The latter is available to all, the measures did not seem to be paying off. Although the government has not only increased but added new taxes, the revenues fall short of expectations. Ongoing strikes paralyzed public life and economy. It is therefore likely that Greece may not be able to meet its obligations and therefore should not receive money from European funds. The threat of a result would be exactly what the leaders wanted to avoid at all costs: the definitive – and not so controlled – bankruptcy, since time will not introduce a new reform package “the newspaper concludes.
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12-7-2010
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