German ESM Ratification Vote To Be Delayed?

Tyler Durden's picture

While Italy is already celebrating the double whammy of its victory over Germany in football and in the corridors of bureaucracy (read the following from Spiegel for the German perspective: "How Italy and Spain defeated Merkel at EU Summit"), Germany may have some other plans. While the ESM ratification vote has planned to take place later today, many are now saying this vote should be delayed as its represents a "180 degree" shift in previous commitments. Die Welt reports: "Given the confusion over the results at the EU summit in Brussel, speculation has been raised in Berlin to postpone the vote on the euro rescue ESM. Several Members of the CDU-FDP coalition also called for a dismissal of the agenda item on the evening, it was said from the CDU and FDP immediately before the start of a special meeting of the Budget Committee. Point of contention is that Chancellor Angela Merkel in Brussels more concessions for easier credit to ailing banks in Europe has been as expected." And more: "The Budget Committee of the Bundestag will hold a special session on the summit resolutions. The government must explain its turn through 180 degrees, called the SPD budget expert Carsten Schneider. With the decisions on permanent euro rescue ESM "means any obligation of a country are only a paper tiger," Schneider criticized with regard to that ailing banks are to receive direct assistance ESM. The meeting will take place on Friday afternoon." In other words while the CDU conservative budget expert is calling for an all normal vote, the SPD is getting worried. The question now is what happens to the ESM ratification vote today: that is the key catalyst for the time being.

For all the latest news on this topic, follow this man on Twitter: Carsten Schneider as he appears to be the most vocal opponent to Merkel's switcheroo from last night.