Austrian Finance Minister joins major front against eurobonds


Austria’s ÖVP Finance Minister Maria Fekter has dismissed as “nonsense” French President Francois Hollande’s call for eurobonds in a refreshing show of honesty.

http://www.reuters.com/article/2012/05/22/us-eurozone-austria-idUSBRE84L07N20120522

Fekter was rightly criticised for her tough talk about immigrants when she was Interior Minister. She surely will not be criticised for her tough talk about eurobonds by anyone who is clued in on what eurobonds really mean.

Eurobonds spell the total destruction of the value of the pensions and salaries and money of everyone in the eurozone by means of hyperinflation engineered to pay the interest on the growing national bankster debt.

Fekter is one of the few finance ministers in the eurozone who has managed so far to avert a disastrous meltdown of state finances and the social fabric by a judicious mix of cuts in the bloated public sector, tax cuts to stimulate demand and also by sharing the burden of the cuts fairly evenly on all sectors of society.

On the back of a new package of measures to improve democracy and transparency, the ÖVP is sure to gain support. The ÖVP has also tried to tackle the mafia in their own party – unlike other parties.

But not even Fekter using all her skills will be able to find a long term solution to the growing debt problems of the eurozone caused by a privatised money supply and a loss of competitiveness.

The only people supporting eurobonds are the UK government, the European Commission and the EU Parliamentary President, France and Belgium.

The way the UK government has aligned itself with eurobonds and plans for a fascist central euro government raises significant questions about the UK’s government’s commitment to democracy.

Every other country in the eurozone from Sweden to Bulgaria opposes eurobonds. Even the German SPD has recognised that eurobonds are financial weapons of mass destruction.

German Chancellor Angela Merkel has pointed out yet again that eurobonds are illegal and the path to a „debt union“ is fatal in comments reported by the New York Times.

„Conservative German state politicians from Ms. Merkel’s bloc put out a statement on Tuesday rejecting euro bonds, calling them “the fatal path to debt union.” When Germany’s constitutional court signed off on the euro zone bailout fund in September, it also appeared to rule out taking on collective debt.

In her public comments on euro bonds, Ms. Merkel has not completely dismissed them as a potential long-term solution. But a senior German official said that there was “no legal basis” for euro bonds and that they were “explicitly forbidden” by European Union treaties.“

[…] say that euro bonds might address the problem for a few years, but that eventually the overall indebtedness of the bloc would reach unsustainable levels, and the smaller states would pull Germany under with them.

http://www.nytimes.com/2012/05/23/world/europe/search-shifts-for-euro-zone-relief.html

Even the Netherlands come down firmly against eurobonds, reports The Guardian.

The Netherlands’ caretaker prime minister Mark Rutte has said he would continue to block eurobonds even if Germany changed its mind. He told reporters:

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