(google translation to German)
http://www.openeurope.org.uk/media-centre/summary.aspx?id=2647
German Finance Minister: Bailed-out countries should give up part of their sovereignty to the EU
In an interview with Stern, German Finance Minister Wolfgang Schäuble suggested that any country that receives a bailout must give up some sovereignty, saying, “A state with problems, that receives help, must be willing to give some of its sovereign rights to the EU.” According to a letter seen by Reuters, Schäuble also suggested that the German government would not support a carte blanche for bond purchases via the eurozone’s temporary bailout fund, the EFSF. His comments will add to investors’ growing scepticism over the speed and scale at which the EFSF can purchase government bonds, since it requires unanimous consent of eurozone members and the ECB. Schäuble’s comments also appear to have caused Spanish and Italian borrowing costs to rise this morning.
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