Angela Merkel's Coalition Holds Fate of EU: IceCap Management

Angela Merkel has some problems... The European Stability Mechanism, ESM, or simply the euro bailout fund, stands on 700 billion euros, a pretty big number. But even after this plentiful supply of cash, EU's problems seem to have no end. One of the links that will perhaps make the mounting crisis easier to understand is that out of the 700 billion, 620 billion will be borrowed. Hedge fund, Icecap Asset Management writes in the quarterly letter, "To clarify, the bailout fund which was created to bailout countries who had too much debt, is being created by using even more debt."