10.03 Sarkozy recoils from EU plan

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(email exchange)

Right, thanks!

>   On Fri, Oct 3, 2008 at 10:01 AM, wrote:
>   In a message dated 10/3/2008 01:00:23 Mountain Daylight
>   Time, wrote:
>   Jean-Claude Trichet, president of the European Central Bank,
>   said the EU’s structure was ill-suited to a common bail-out
>   scheme.
>   ”We do not have a federal budget, so the idea that we could
>   do the same as what is done on the other side of the Atlantic
>   doesn’t fit with the political structure of Europe.” Silvio
>   Berlusconi, the Italian prime minister, will want to be seen
>   supporting Mr Sarkozy in proposals for greater regulation. But
>   with the desperate state of Italy’s public finances – debts of
>   more than 103 per cent of gross domestic product – he will
>   not be in a position to offer much in terms of an EU bail-out
>   package.
>   Bingo! Berlusconi gets it!


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