Germany Rips 'Stupid' US Euro Plan
Who is Obama to talk, grumbles finance chief
By Mary Papenfuss, Newser Staff
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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Showing 3 of 21 comments
joe1148
Sep 29, 2011 12:47 AM CDT
"The result would be to endanger the AAA sovereign debt ratings of other member states. It makes no sense." The proof is in the making!! Even after being warned by the Chinese that furthering deficit spending would create higher interest rates on their willingness to buy future US bonds, after being told such a move would endanger our AAA credit rating Obama essentially nearly doubles our deficit anyway. And what happens? The very same things warned about, happens!! Now he wants the rest of the world to follow in his wake..., The Germans are correct in their criticism ....
MikefromChi
Sep 28, 2011 2:49 PM CDT
It's appalling that the charlatans, gangsters and rubes running our casino economy would have the nerve to offer any advice to sober-minded Germany, the only country in the western world with its economic house in order. The pressure on Germany to spend itself into annhilliation to save a bunch of loser countries with failed economies and failed governments, and which will always be losers anyway, is morbidly amusing from afar. I'm sure they're trying to figure out how to cut bait stat.
bewilderbeast1
Sep 28, 2011 2:06 PM CDT
Listen! Hear that whistling sound? It's the sound of America's esteem and respect PLUMMETING as the world's opinion turns from admiration to scorn. Your "leaders" have squandered your leadership position - and for what? To enrich their paymasters (banks, oil & coal, and war profiteers like Xe, Boeing, Pepsi, etc). Elect decent people and get it back. Stop believing the BS.