German Chancellor Angela Merkel tabled proposals that are “undemocratic”
Merkel raised question of German euro membership
http://www.irishtimes.com/newspaper/finance/2010/1204/1224284778325.html
IAN TRAYNOR in Brussels
IT HAS emerged that German Chancellor Angela Merkel warned at a heated EU meeting five weeks ago that her country could abandon the euro if she fails in her campaign to establish a new regime for the single currency.
At an EU summit in Brussels at the end of October that was dominated by the euro crisis and wrangling over whether to bail out Ireland, Dr Merkel became embroiled in a row with Greek prime minister George Papandreou, according to participants.
Dr Merkel’s central aim, which she achieved, was to win agreement on reopening the Lisbon treaty so a permanent system of bailout funding and investor losses could be established to deal with debt crises that have laid Greece and Ireland low and are threatening Portugal and Spain. The Germans also called for bailed-out countries to lose voting rights in EU councils.
At the Brussels dinner on October 28th attended by 27 EU heads of government or state, the presidents of the European Commission and Council, and the head of the European Central Bank, witnesses said Mr Papandreou accused Dr Merkel of tabling proposals that were “undemocratic”.
“If this is the sort of club the euro is becoming, perhaps Germany should leave,” Dr Merkel replied, according to …..read more here >>>
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