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EFSF will definitely not be raised - German FinMin

BERLIN | Wed Oct 19, 2011 8:13am EDT

BERLIN Oct 19 (Reuters) - The euro zone rescue fund (EFSF) will not be raised beyond the 440 billion euros already approved nor will Germany's participation rise beyond 211 billion euros, a German Finance Ministry spokesman said on Wednesday.

Martin Kotthaus, spokesman for Finance Minister Wolfgang Schaeuble, told a news conference that there were "productive and positive" talks taking place across Europe ahead of meetings this weekend. He said the discussions centre on how euro zone countries can use the 440 billion European Financial Stability Facility (EFSF) most effectively.

"There is no discussion about raising it beyond 440 billion euros, that's it, finito, basta," he said.

Kotthaus said he expected there would be a solution within days. He also said that Schaeuble had not spoken about any concrete figure for a possible leveraging of the EFSF. But he added Schaeuble may have mentioned a hypothetical figure for leveraging at a meeting of party leaders in Berlin on Tuesday.
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Comments (1)
zach00 wrote:
Good play by the Germans. It would be crazy to toss more money into that black hole…

Oct 19, 2011 8:45am EDT  --  Report as abuse
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