Germany called on to lead European recovery

In the midst of the European debt crisis, Germany has been called upon to help stabilize the EU. According to Paul Thomsen, an International Monetary Fund representative, "It is clear the (rescue) program will not succeed if the authorities do not take the path that entails far stricter structural reforms than the ones we have seen so far." The Greek government itself has been ridiculed for not handling the measures effectively. The IMF later goes on to openly criticize Germany (Europe's largest economy) for not displaying enough "leadership during the debt crisis". World Bank Chief Robert Zoellick, later goes on to criticize the EU for not wanting to unite the continent both politically and financially. Last month, German chancellor Angela Merkel was able to pass legislation in her parliament to extent the temporary European relief funds. At home Merkel faces opposition to later bailouts, because they call for tougher measures for EU nations that violate fiscal discipline and responsibilities. Merkel will meet with French president Nicolas Sarkozy to prepare for the EU summit on october 17th and 18th.

http://www.dw-world.de/dw/article/0,,15446640,00.html

Andrew Cross