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To: Haim R. Branisteanu who wrote (72727)	3/7/2010 9:00:20 AM
From: Haim R. Branisteanu	1 Recommendation Respond to of 74559

German Backs Creation Of "European Monetary Fund" -Report FRANKFURT (Dow Jones)--In light of Greece's financial problems, the German government favors the idea of setting up a European Monetary Fund, German Finance Minister Wolfgang Schaeuble says in Welt am Sonntag Sunday. "We should calmly discuss what consequences are to be drawn from Greece's crisis," Schaeuble is quoted as saying. "We shouldn't exclude any suggestions a priori, even the creation of a European Monetary Fund," he says. "We aren't planning an institution to rival the International Monetary Fund but we need one for the inner stability of the euro zone, which has the experience of the IMF and the equivalent authority," Schaeuble says, adding that he will make recommendations on this shortly. Schaeuble dismissed the idea of providing help to Greece via the IMF, according to the newspaper. "The euro zone aims to solve its problems internally," he says. In his opinion, the acceptance of financial help via the IMF would be a confession that euro-zone countries can't solve their own problems. Schaeuble says he is confident Greece will carry out the EUR4.8 billion austerity measures the government announced Wednesday as it aims to cut its deficit to 8.7% of gross domestic product this year budget from an estimated 12.7% of GDP last year. "I don't have any doubts that Greece will implement the measures it announced," Schaeuble is reported as saying. Newspaper Web site: www.welt.de