Germany Rips 'Stupid' US Euro Plan

Who is Obama to talk, grumbles finance chief
By Mary Papenfuss,  Newser User
Posted Sep 28, 2011 1:20 AM CDT
German Finance Minister Wolfgang Schauble reacts during a press conference in Marseille earlier this month after discussion about the European Union's mounting debt crisis.   (AP Photo/Lionel Cironneau)

(Newser) – Get your own house in order first, miffed German officials are telling the US, blasting America's call to pump up a bailout fund as a not-so-bright idea. "I don't understand how anyone can have such a stupid idea," said German Finance Minister Wolfgang Schauble, referring to a US push to boost a $660 billion lending pool for troubled EU nations up to $3 trillion. "The result would be to endanger the AAA sovereign debt ratings of other member states. It makes no sense." He added: "It's always much easier to give advice to others than to decide for yourself. I am well prepared to give advice to the US government."

The harsh words are bound to strain US-German relations further in the wake of President Obama's recent scolding of EU leaders for allowing European debt to escalate to a level that it's "scaring the world." US Treasury Secretary Tim Geithner has been a key player behind the push to bolster available funds in the European Financial Stability Facility to shore up Italy and Spain, fearing too little help will trigger a "cascading" financial crisis, reports the Telegraph.

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