German Finance Minister

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The German Finance Minister opposes unlimited aid to the countries of the eurozone: there will not be a salvation at any price. In Germany grow critical voices to the decision of the ECB buying sovereign debt of countries affected by the crisis. The World Bank: the debt crisis is a more dangerous than the 2008 storm?. The German Finance Minister, Wolfgang Schauble, showed against unlimited aid to the countries of the euro zone affected by the debt crisis and warned that there will not be a salvation at any price. There is a sharing of the debt s or an unlimited support. There are certain support mechanisms developed under strict conditions, said Schauble in statements that publishes the magazine Der Spiegel in its edition of next week. Schauble expressly rejected the formula of creating common European debt, so-called Eurobonds.

Schauble said that Eurobonds are not desirable while each country to develop its own policy Finance and while various interest rates are needed to ensure stimulus and sanction mechanisms to force consolidation. There will not be a salvation at any price, said Schauble. In the meantime, critics of the decision of the European Central Bank (ECB) buy sovereign debt of countries affected by the crisis, such as Spain and Italy grow in Germany. First and foremost, within the governing coalition parties, the Union Democrat (CDU) Angela Merkel, its Bavarian wing the Democrat Union (CSU) and the Liberal Party (FDP), is becoming increasingly stronger the idea that with the purchase of sovereign debt, the ECB has renounced part of their independence. The ECB cannot be converted into an institution that correct the errors of budgetary policy in countries such as Italy, he told Der Spiegel the regional j of the CDU and Prime Minister of the State of Hesse, Volker Boufier. His colleague of Saxony, Stanislaw Tillich, said that the program of the ECB had to be an exception as if it becomes a recurring they will end up taking reason those who feared the Agency worried less than monetary stability, when the euro was introduced than what the Bundesbank had done it traditionally. Van Rompuy applauded the Italian measures on the other hand, the President of the European Council, Herman Van Rompuy, he greeted the stringent financial measures taken by the Government of the Italian Prime Minister, Silvio Berlusconi, in the framework of a new adjustment plan.

I fully support and welcome the timely and rigorous financial measures driven by Italy, said Van Rompuy after having had a telephone conversation with Berlusconi. Those measures adopted are crucially important not only for Italy but for the entire eurozone, said. The Italian Government approved a new plan of adjustment of 45,500 million euros with which aims to achieve budgetary balance in 2013 and soothe the restlessness in markets on the situation faced by the finance public of the country. Rome will implement the so-called contribution of solidarity, which taxed at 5% the wages that exceed the 90,000 euros a year, and with a 10% that exceed 150,000, all of them are deductible from income and with a duration of three years from 2011. The Italian Government also advocates the abolition of the provinces with less than 300,000 inhabitants or 3,000 square kilometres.

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