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German FinMin: Barroso’s Proposal To Boost EFSF Complicates Situation

17 January 2011 15:14 (UTC +04:00)

Baku - APA-Economics. German Finance Minister Wolfgang Schaeuble reportedly said on Monday that European Commission President Jose Manuel Barroso’s proposal to boost Eurozone rescue fund will make the situation complicated, RTT News reported.

Talking to German radio Deutschlandfunk ahead of Eurozone finance ministers meeting, he said such "isolated" moves do not make the situation any easier, but create more complications.

Reaffirming Germany’s stand, Schaeuble said he does not see an immediate need to raise the European Financial Stability Facility, or EFSF.

Support for a larger rescue fund has been growing ever since the Irish Republic became the second eurozone country to request a bailout, with fears growing that Portugal and Spain may follow.

"Portugal doesn’t want or need a bailout at all." Reuters quoted Schaeuble as saying. "There’s enough funds for Ireland, and the rest is speculation that is not being stirred up by anyone."