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Germany to Wrap EU Crisis Rule With Croatia`s Entry
Date 22/10/2010 12:58  Author webmaster  Hits 1080  Language Global
22 OCT 2010

By Rainer Buergin and Brian Parkin | Bloomberg

German Chancellor Angela Merkel’s government may use the European Union’s next expansion as an opportunity to enact rules forcing bondholders to share the cost of state bailouts, a leader of Merkel’s coalition said.

Merkel may seek to pass a crisis-resolution mechanism, which would help over-indebted euro-area countries reschedule debts without declaring default, as part of technical amendments to the EU treaty to admit Croatia, said Michael Meister, deputy parliamentary head of Merkel’s Christian Democratic Union.

“The entry of new member states requires treaty changes,” Meister said in an interview today in Berlin. He said it “makes sense” to tie the crisis mechanism to the votes by the EU’s 27 national governments on Croatia’s entry in 2012 or 2013.

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