Press reports now say that [GERMANY] is signalling that it would back emergency action to protect the Eurozone if another member country found itself in such serious difficulties that it could not refinance its debt. Speaking yest, Fin Min Steinbrueck said the EU Treaties 'do not provide any help for insolvent countries, but in reality other states would have to come to the rescue'. He declined to elaborate, but a senior official (who spoke on condition of anonymity) later said the govt would back a member even if the EU rule known as the 'no bail out clause' prohibits collective liability. Rather than abandoning this clause, the official indicated that Berlin was thinking more in terms of pre-emptive measures rather than a full bailout. Elsewhere, the govt has also said it plans to change insolvency rules that would improve the chances of rescuing troubled banks and non-financial companies.
those who can, do. those who cant, talk about those who can
