germany mulls \raising eu bailout fund\
Last Updated : GMT 01:49:33
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Germany mulls \'raising EU bailout fund\'

Arab Today, arab today

Arab Today, arab today Germany mulls \'raising EU bailout fund\'

Frankfurt - AFP

German Finance Minister Wolfgang Schaeuble is mulling a boost in the firepower of the EU\'s bailout fund to 1.0 trillion euros ($1.38 trillion), the Financial Times Deutschland reported on Wednesday. Europe is looking for ways to beef up the European Financial Stability Facility (EFSF) because experts fear the 440-billion-euro fund is too small to prevent the eurozone debt crisis from spreading. Nevertheless, German politicians are concerned the contribution of Germany, effectively the European Union\'s paymaster, will have to be increased to beyond the 211 billion euros already agreed in parliament. However, Schaeuble\'s spokesman, Martin Kotthaus, told a regular government briefing that his minister had only suggested certain figures \"to serve as an example.\" \"I am certain that no concrete figures or concrete models for the EFSF were mentioned,\" said Kotthaus. And he dismissed fears that Berlin might have to stump up more to save the euro. \"There is no discussion about the 440 billion euros or the 211 billion euros in German guarantees. I don\'t know how I can make it clearer. Full stop. That\'s it. End of story. Basta.\" The FT Deutschland reported Schaeuble as saying that the fund could be leveraged to offer partial insurance of 20-30 percent should member countries not be able to repay their sovereign debt, quoting unnamed sources. The partial insurance coverage would enable eurozone countries to borrow more on the capital markets, the newspaper said. \"It\'s about working out how we can use the instruments that we have the most efficiently, but always with this clearly defined upper limit,\" Kotthaus told reporters.  

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