Merkel Says Greece Needs ‘Barrier’ to Stave Off Default
German Chancellor Angela Merkel said that the European Financial Stability Fund, the European rescue fund, needs to have its powers and funds expanded while saying that its permanent successor, the European Stability Mechanism, could be brought into existence sooner then 2013. Ms. Merkel believes that she will be able to get the expanded powers for the EFSF through the German Parliament on September 29th and that Greece will be able to qualify for the next round of bailout aid.