Berlin is to bow to international pressure and allow a temporary increase in the eurozone’s financial “firewall” this week, in order to prevent the crisis in the region’s periphery spreading to other member states.
Berlin signalled yesterday that the government would allow existing funds to be boosted to further calm financial market pressures.
Angela Merkel, the German chancellor, has hitherto resisted any bigger increase, in spite of pressure from most of her eurozone partners, and the US, because she risks a backlash from sceptical allies in her ruling coalition if it means any rise in Germany’s overall financial guarantees for its partners. But the thinking in Berlin is that she cannot resist the international pressure indefinitely.
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