German Cabinet approval for changes to EFSF

The Wall Street Journal carries a fairly full report, on the EFSF path for Germany, linked here.

The proposals have already come under fire from Der Spiegel, linked here, that reports that the German Government:

... is deceiving itself on two counts. Firstly, it is behaving as if the banks were in excellent condition. And secondly, it is continuing to embrace the illusion that the euro can be saved without EU member states having to surrender any national competencies to Brussels.