Golden Age of Gaia

Toward a World that Works for Everyone

Menu
  • Home
    • About The Staff
    • FAQs
    • Glossary
    • Privacy Policy
    • Terms of Service
    • Downloads Page
    • Close
  • Contact Us
  • Commentary
    • Charlie
    • Kat
    • Kathleen Mary Willis
    • Narendra Mishra
    • Sitara
    • Steve Beckow
    • Suzanne Maresca
    • Writer’s Corner
    • Close
  • News
    • Ascension
    • Accountability
    • Building Nova Earth 1
    • Channelings/Commentary
    • Reval/GCR/Stewardship/Abundance
    • Homelessness
    • InLight Universal Shows
    • New Maps of Heaven
    • Opioid Crisis
    • Politics
    • Spirituality
    • Close
  • Library
  • Hope Chest
    • Hope Chest: Frequently Asked Questions
    • Close
  • Forums
  • Donate
/ Home / News / Accountability / Financial Crash / Euro Debt Aid Package Took Nudge From Washington
post

Euro Debt Aid Package Took Nudge From Washington

May 10, 2010 by Steve Beckow

Print Friendly, PDF & Email

By STEVEN ERLANGER, KATRIN BENNHOLD and DAVID E. SANGER

May 10, 2010

https://tinyurl.com/2d900pf

PARIS — President Obama had just flown into Hampton, Va., Sunday morning to deliver a commencement address. But before he donned his silky academic robes, he was on the phone with Chancellor Angela Merkel of Germany, offering urgent advice — and some not so subtle prodding — that Europe needed to try something big.

Weeks of hesitant half-steps to address Greece’s debt problems had only worsened market worries about the euro, and were threatening the still-fragile economic recoveries in the United States and Asia. Now, Mr. Obama told Mrs. Merkel that the Europeans needed an overwhelming financial rescue to end speculation that the euro — and European unity — could crumble.

“He was trying to convey that he knew these were politically difficult steps that the leaders there had to take, that he had gone through them as well,” said one senior administration official familiar with the conversation. “And that, from his experience, trying to get out ahead as much as possible was the right way to go.”

That call was part of what a senior Treasury Department official called “one long conversation” with European leaders, who over an extraordinary weekend of late nights and early mornings overcame German resistance and agreed to a wholesale expansion of the bloc’s political and financial mission. Bending the rules, they backed the stability of all 16 countries that use the euro with loan guarantees adding up to nearly $1 trillion.

In the process, the European Union, under crisis conditions, moved fitfully toward more centralization, toward a French vision of an economic government for the region. It is a role not totally unlike the one that the federal government in the United States played during the early stages of the financial crisis in 2008.

But to get there involved intense bargaining among leaders, especially the French president, Nicolas Sarkozy, who was in Brussels, and Mrs. Merkel, who was in Moscow, but also the Italian prime minister, Silvio Berlusconi; Group of 7 finance ministers; the Japanese; and the Americans, according to interviews with numerous participants in the talks in Europe and the United States.

The deal also required a contentious telephone vote by the members of the board of the European Central Bank, who agreed, though not unanimously, to do what the bank said last week it had not even considered — buying up the sovereign debt of the weakest members of the euro zone, those nations using the euro currency, effectively guaranteeing their debt to protect them from anxious investors.

After the 16 leaders of the euro zone met Friday evening into early Saturday to confirm their previous deal for Greece, which the markets had considered inadequate, they agreed they had to do more. Their finance ministers gathered Sunday in Brussels, under a deadline to act before financial markets opened in Asia on Monday morning, to hammer out the details.

It was another of the all-night sessions that have come to epitomize the challenge of making decisions in Brussels, where 27 sovereign states with more than 450 million people sometimes painfully decide to share their sovereignty. The crisis most directly touches the 16 nations that use the euro. But it may also affect the fate of the single currency — a main symbol of the new European unity — and thus touches the entire European Union.

But the states that share the euro, which is controlled by the independent European Central Bank, do not share a single treasury, tax system or budgetary authority. The euro’s lack of coordinated financial backing had become excruciatingly evident after Greece admitted that its level of debt was much higher than previously reported, due to bad management and prevarication.

A sovereign debt crisis — compounded by a recession that had cut tax receipts and prompted extra government stimulus spending all over Europe — began to gnaw at those countries most exposed and least competitive: Greece, Portugal and Spain.

American officials became worried about the European response as early as February, a senior administration official in Washington said on Monday, when European leaders repeatedly stated that the Greece problem was well contained. They believed that mere expressions of support would be enough to calm the markets — and that they did not need to put in real commitments of emergency funds.

The Americans were less persuaded, telling their counterparts that they had to eradicate “the risk of default.” The Europeans debated this internally and, in the mind of one senior American official, who would not speak on the record, the Europeans “waited too long.”

“Had they acted sooner,” he said, “They might have gotten away with less.”

The United States officials began talking to their counterparts about an American concept: overwhelming force. “It’s all about psychology,” said the senior official. “You have to convince people that the government will get its act together.”

But it was not until Sunday, one official noted, that the meltdown spreading across Europe was regarded as “an existential threat.”

Aware that the “wolf pack” markets, as the Swedish finance minister called them, had dismissed their every move so far as too little, too late, some of Europe’s leaders knew they had to act in a big way — to “shock and awe” the markets. To encourage them, Mr. Obama made his calls, first to Mrs. Merkel, who was losing a key state election in North Rhine-Westphalia, and, three hours later, to Mr. Sarkozy.

Washington was also ready to help, in a limited but crucial way. The Federal Reserve offered to swap euros for dollars, easing pressure on European central banks, which were bleeding dollars.

European finance ministers arrived in Brussels on Sunday with broad agreement on the need for a fiscal contribution from the European Union budget and some kind of fund to stabilize the most troubled markets. By several accounts in Europe, a 500 billion-euro figure first emerged Sunday afternoon, when Mr. Sarkozy called Mrs. Merkel after each had spoken with Mr. Obama.

But how was that huge sum to be raised with the agreement of the politicians who wanted to keep control of their hastily devised rescue?

Germany was insisting on a solution that involved bilateral loans from European member states, similar to the much smaller Greek bailout agreed to a week earlier. But countries like Italy and Spain feared that they would be unable to raise the amounts required and lobbied for loan guarantees on funds raised by the European Commission.

As the evening unfolded, Germany, Britain and the Netherlands all opposed the commission’s proposal to raise money on capital markets guaranteed by member states. The British and Dutch said the proposal was tantamount to giving a “blank check” to the European Union’s governing commission, according to a European diplomat who spoke on condition of anonymity.

Near midnight Sunday night, the talks appeared deadlocked, these participants said. “The deal is exploding,” read the text message of one French official to Paris, where Mr. Sarkozy was demanding regular updates and was pushing for a bigger agreement.

Then came the deal-making idea — put together, according to different officials from different countries, by the French, the Italians, the Dutch and a crucial German banker.

Axel Weber, the president of the conservative Bundesbank, who is favored to succeed Jean-Claude Trichet as the next president of the European Central Bank, suggested a mechanism for Europewide loan guarantees that finally won support from a reluctant German government during a midnight call, participants said.

The idea was for a new mechanism euphemistically called “a special purpose vehicle” — essentially eurobonds created by intergovernmental agreement among euro zone countries. That vehicle, supposedly to last only three years, would raise up to 440 billion euros on the markets with loans and loan guarantees, depending on the need.

The Germans, together with other northern Europeans like the Dutch, British and Austrians, insisted that the European Commission not control the vehicle but only manage it — in conjunction, as with the Greek deal, with the International Monetary Fund. The fund would provide discipline, as well as roughly one euro for every two from Europe.

The “special purpose vehicle” finally broke the French-German deadlock. José Manuel Barroso, the president of the European Commission, said Monday that agreement came at 2:15 a.m.

“Now Europe is finally getting noticed,” noted one French official late Monday. “I just wish it was under different circumstances.”

Steven Erlanger and Katrin Bennhold reported from Paris, and David E. Sanger from Washington. Reporting was contributed by James Kanter from Brussels, Sewell Chan and Brian Knowlton from Washington, and Judy Dempsey from Berlin.

Share this:

  • Twitter
  • Facebook
  • Reddit
  • Email

Filed Under: Financial Crash, President Obama Tagged With: European Financial Crash, Greece, President Obama

Subscribe to the Golden Age of Gaia

Recent Posts

  • The Federation of Light via Blossom Goodchild, June 21, 2025
  • Matthew’s Message through Suzy Ward, Nov. 1, 2023 (Reposted … Again)
  • Gazetteller: WEF ~ Global Elite Empire Collapses
  • Deep-State Hubs and Proxy Wars
  • 589bull on X ~ The Incoming “Quantum-Secure” System (Two-Fer)
  • From Darkness Unto Light, 21 June 2025 Update
  • The Art of Anchoring Higher Energies ~ Archangel Michael through Laura Smith Biswas
  • The Oracle: This is the Biggest Impact on Humanity
  • St. Germain: Is There Really Another War Going on Right Now?
  • Mother Mary: Awakening Divine Will

Archives

It’s “Official”!

What is the Purpose of Life?


Click on graphic

Time to Prepare for the Emergency Broadcasts?

An RV Checklist

Before and After the Reval

You’re invited to take some time out to read our wide-ranging selection

Breaking

Joe Biden: The President Who Never Was

You Have Prepared

https://goldenageofgaia.com/wp-content/uploads/2025/05/Mary-Had-a-Little-Lamb-2.mp4

See From Darkness Unto Light – GCR, EBS, G/NESARA

Divine Mandates

Archangel Michael on Why All This Conflict is Occurring

Jesus: You are Bringing to Light What Needs to be Revealed

  • You live in tumultuous times and you live in a time of fulfilment. … You are leaving compassion and latitude for correction and understanding.
  • You are bringing to light what needs to be revealed so it doesn’t destroy the fiber of your society. …
 When you see the shadow, it defines the light.  (Jesus through Linda Dillon, Heart Call, Sept. 19, 2020.)

St. Germain: Action Against the Dark is in Accord with the Plan

Reign of Darkness is Over Once and for All

The Cabal’s Tin Toys and Party Favors

Aurora TR3-B

Adamu of the Pleiadian Monad: Please, take a second. Try to think.

If we are able to surround your planet with millions of ships of living light….

The Trump Effect

President Trump’s Second Declaration of Independence

The Greatest Show on Earth

Channeling President Trump

Trump Surprises Everyone

https://goldenageofgaia.com/wp-content/uploads/2024/12/Trump-Approaches-Homeless-Veteran-Woman.mp4

Stands and Declarations

Digger: Address to Councils

The Question of Sending Love and Light

Can sending love and light be harmful?

We are the People of the Internet

https://goldenageofgaia.com/wp-content/uploads/2024/02/We-are-the-people-of-the-Internet.mp4
  • (This video can no longer be found on the Internet!)
  • The next, Love Revolution will happen, I predict, on the Internet

We are the World (1985)

Journalists vs Conspiracy Theorists

Can’t Say It More Clearly Than This

Hammer Blow to Woke Elites

https://goldenageofgaia.com/wp-content/uploads/2024/11/Trump_-a-Hammer-Blow-to-Britains-Demented-Woke-Elites.mp4

A Global “No!” to the Deep State

1969 Doctors and Health Professionals: End all CV19 Measures

The Glorious Revival: Statement of Principles

The Rights of All Persons & The Duties of Government

The Westminster Declaration

The Hope Accord

MEGA MAGA: Making America Great Again while Making Planet Earth Great Again Too!

America shows the way to making Earth great again! All honor to America.

Issues and Warnings

Nothing Is as It Appears

A cogent analysis of the Alliance’s moves and countermoves against the deep state.

What’s Next?

The Reval, G/NESARA, and building Nova Earth….

A Word in Defense of Candace Owens

Candace argues from a more expanded view than most of us.

On Canada and the United States Uniting

An Inadequate View of Reality

No one group is the root of all evil in the world.

The Perfect Primer

The perfect primer for answering questions from the newly-awakened.

How Do I Make Sense of Our World?

  • The best introduction to the subject in recent memory.

Is U.S. Government a Colossal Globe-Spanning Racket?

Matthew Ward: Learning the Truth of What’s Happening

Matthew via Suzy Ward: Earth’s People are On the Move

Matthew Ward: Who are the Illuminati?

President Kennedy On the Peril We Face

Unpleasant Truths About the Deep State

9/11 – What Really Happened on That Day?

Pushing the Climate Change Hoax

The Next Scam: Climate Change

“Climate Change” is a Conspiracy Theory

Alex Newman: CO2 is Not Pollution

Dr. David E. Martin: The History of the Development of Covid 19

Covid 19 has been under development by the military as a bioweapon to be used against humans, since the early 1960s.

Dr. Peter McCullough: Let’s Win the War Against Therapeutic Nihilism

There is a Plan

There will be no world war. No nuclear devices can be exploded in space. Global martial law is to restore law and order worldwide. There is a Plan.

The Plan

Whitney Webb: What the World Faces

What G/NESARA Mandates

Ezra Cohen-Watnick: Spelling It Out 1 Time

Predicted Events

Five Point Plan

I suggest we follow a five point plan before rushing to reconciliation.

 

Tired of White-Hat Bias in Reporting

It Isn’t that We Don’t Censor….

  • Free speech is not unlimited.

Please support this site. Donate:


A 501(c)(3) tax-exempt non-profit
  • Building, anchoring, and restoring hope, trust and Love within the human community.
  • "The key to Love is sharing, ... [balancing] give and receive." - The Divine Mother.

A Reader’s Encouragement

Downloads Page

(Always) free introductory texts on Ascension, Disclosure, Abundance, and Accountability. Especially of interest to those new to these subjects.

GAoG on Facebook

  • Did you know we have a Facebook page? Come see what we share.
  • URL: https://www.facebook.com/GoldenAgeofGaia22

 

HB & AHWAA Transcripts & Audios: Divine Beings, Universal Laws, Blessings & Virtues

* HB/AHWAA Transcripts and Audiotapes

* On the Importance of the Universal Laws

* The Universal Law: What, How, and Why?

Amanda Lamond: A Call to Legal Lightworkers

  • Legal Lightworkers, help bring in the next “legal system” and processes for the energetic dissolution of conflict using the Universal Laws.
  • For Light Warriors desiring deep ascension support, please look at the Light Warriors BOOTCAMP
  • For more, download No One Can Take That Step For You

Amanda Lamond: Free Audio Course for All Those on the Ascension Path

La Presse Galactique

French-English Translation available

PAO: Galactic Activation Webinars

  • Join Our Monthly Webinars
    with Spectacular Special Guest

Spiritual Counselling

  • Releasing old patterns of limitation.
  • Remembering, embodying, and expressing your true Self

Len Satov
SourceLight – Seeing you home
http://www.lensatov.com/

Beyond Being Human

Greg Bourdon, Life Coach

Greg Bourdon

Professional Life Coaching

Los Angeles, CA
Mobile & Text: 818-601-1307

[email protected]

The Spirit Cafe, Council of Love

  • Join the Council of Love’s Spirit Cafe

Kees de Graaff: Somehow I’ll Find My Way Home

https://goldenageofgaia.com/wp-content/uploads/2023/12/22Somehow-Ill-Find-My-Way-Home22-Tribute-to-All-Lightworkers.mp4

All of life is embarked on the same one journey – from God to God – a voyage of Self-discovery

How Energy Reaches Us – and Why

Where does the energy come from that uplifts and transmutes us?

Divine Mother: Not in My Plan?

  • Divine Mother: [I am speaking about] those in … positions where control and abuse of power have been rampant. That will not be the platform [from] which integration of the various galaxies [into the new, interdimensional region of space] takes place. That is not the Plan.
  • I know very clearly, Sweet One, as do you, if it is not [in] my Plan, then it will not occur. …
  • Make no mistake, … Love will win because that has been my Plan always.
  • (The Divine Mother in “Enter the Delegations – Part 2/3,” May 5, 2019, at http://goldenageofgaia.com/2019/05/05/enter-the-delegations-part-2-3/.)

The Pattern of the Mother

  • This universe is designed around the pattern of the Divine Mother. What is that pattern?
  • Creation, preservation, transformation = love building, love preserving, love dissolving = inbreath, pause, outbreath = rajas, sattwa, thamas (gunas) = Akar, Ukar, Makar (Aum) = Brahma, Vishnu, Shiva (Trimurthy)
  • One more?
  • Father, Son, and Holy Ghost = Brahman, Atman, and Shakti

The Mother’s Clarion Call to All of Humanity!

This is my clarion call to all of humanity to embrace love, to embrace truth, to embrace peace…

The Divine Mother’s Mandate

  • Build what is divinely beautiful. I give you my divine authority to do so. I will guide you. I will help you. But I entrust this to you as well. …
  • We are helping you. That gateway is open and you are being flooded and you are being assisted and you will be assisted every step of the way.
  • (“Transcript ~ The Divine Mother: Take Up Your Divine Authority, AHWAA, February 23, 2017,” February 28, 2017.)
  • On the Divine Plan for Ascension.

Spiritual Advice in Troubled Times

  • The Arcturian Group explains….

Bring It Back to the Love

  • Beloved child, son of my heart, [Ascension, spiritual evolution] is only about love, about the many expressions, about the many forms.
  • And truly of anchoring and being nothing but the love, in intellect, in wisdom, in sharing, in adventure, in relationship.
  • It can only be [that way] when you continue to bring all adventures, all arguments, all explorations back to the love.
  • (The Divine Mother in a personal reading with Steve Beckow through Linda Dillon, April 30, 2019; also at http://goldenageofgaia.com/2019/06/01/the-divine-mother-it-is-all-a-journey-of-love/).

Do not Venture Where There is No Love

  • Do not venture where there is no love. Because, if there is no love, then there is no truth. And if there is no truth, there will not be peace and [peace], Sweet One, is the Plan.
  • (Archangel Michael in a  personal reading with Steve Beckow through Linda Dillon, June 17, 2020.)

Archangel Michael: Lead or Leave a Vacuum


If no [lightworker] steps forward into [leadership] ...

Archangel Michael: Do not Get Caught in the Drama of White Hats or Black Hats

  • Beloved ones, do not allow yourselves to be distracted, yes, by the chaos….
  • Do not get caught in the drama of white hats or black hats, or good guys or bad guys. All beings are birthed directly from the Heart of One…. (“Archangel Michael: Do not Get Caught in the Drama of White Hats or Black Hats,” Nov. 12, 2019; see here.

Archangel Gaia on Our Mission on Earth

  • Archangel Gaia said
  • “I am now telling you what your mission is on Earth – it is to be an angel on Earth.
  • “You do not have to change the people around you; you do not have to get involved in politics, or that kind of activity.
  • “What you are meant to do here as a lightworker is to anchor a certain vibration.”
  • (Gaia, ”Earth Speaks: Your Mission on Earth,” through Pamela Kribbe, March 13, 2022, at https://goldenageofgaia.com/2022/03/13/earth-speaks-your-mission-on-earth/.)

Ronna Vezane ~ Archangel Michael’s Gift: New Age Creed

Werner Erhard on Responsibility

“Responsibility begins with the willingness to take the stand that one is cause in the matter of one’s life. It is a declaration not an assertion, that is, it is a context from which one chooses to live. Responsibility is not burden, fault, praise, blame, credit, shame or guilt. In responsibility, there is no….”  (Read more…)

GAoG – Spiritual or Political? Michael Answers

Mission Statement of the Golden Age of Gaia

Spiritual Experiences that Have Shaped My Life

Inner Realms Podcast, No. 9: Steve Beckow

An enjoyable discussion of spiritual experiences with Amin Jaberansari, from 2023

On a Personal Note

  • I’m neither qualified to be a spiritual teacher nor do I wish to be one.
  • I’m a writer who wishes to share his views with you on subjects of mutual interest and listen to yours as lightworker equals and spiritual adults.

Copyright © 2025 The Golden Age Of Gaia

Copyright © 2025 · Dynamik-Gen on