http://www.zerohedge.com/news/super-mario-brothers-super-denied-schauble-tells-italy-ecb-we-you-just-way-you-are
Submitted by Tyler Durden on 01/22/2012 13:38 -0500
Super Mario Brothers Super Denied: Schauble Tells Italy, ECB We Like You Just The Way You Are
It took a few hours for Germany to tell not only Italy, but the ECB, to shove it. Earlierwe reported that the Super Broke Mario Bros came begging on Germany's footstep, kindly requesting their daily allotment be doubled. Germany has now kindly responded. From Reuters: "German Finance Minister Wolfgang Schaeuble on Sunday rejected pressure to beef up the euro zone's permanent rescue facility, saying Berlin would stick to the agreement made in December for a lending capacity of 500 billion euros ($646 billion). "We are sticking to what was agreed in December," Schaeuble told public broadcaster ARD. "In March we will check whether that is sufficient." The draft treaty establishing the European Stability Mechanism (ESM) will be discussed by euro zone finance ministers on Monday and is likely to be approved by EU leaders at their summit on Jan. 30, euro zone officials have said." As a reminder, minutes ago when we reported the first leg of this now closed transaction we said: "Poor Mario apparently fails to grasp that for Germany a plunging Euro, and thus a surging export market to offshore trading partners, is the only thing that matters now that its endogenous mercantilist import, pardon, trading partners of the past decade, the PIIGS, have no more debt capacity to buy German exports. Although even a technocrat probably understands that one does not get a weak currency by bailing out the weakest links over and over. Expect the European crisis to be with us for a long time. After all, that's precisely what Germany wants." And what Germany wants, Germany gets.
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