328. Verstehen Sie Deutsch?

I thought I understood German a little until I read the article "German Finance minister details debt fund plan before EU summit." If I do understand it, then it's nothing but double accounting and mandatory tax increase for every country with debt greater than 60% GDP for that country. Isn't that like our government imposing taxes on each state? Am I correct in this analysis:

1. Each country in Europe with debt greater than 60% MUST set up a national fund consisting of debt above 60%.

2. The country then must apply a portion of their tax revenues to pay off at least 40% of this fund's debt over 20 years.

3. Thus, the country will need to cut spending and/or raise tax revenues enough to do this.

4. Hmmm. Who pays the holders of the debt in this special fund for the 20 years? If I understand the plan, the country that issued the debt in the first place must still pay the debt holders and also pay off/buy back up to 40% of the debt over 20 years. Right?

5. And this is helping the nations to grow their economy how? When implemented, aren't they lowering their economic intake (tax revenues + other revenue) by an additional amount to pay the fund off?

I guess I don't see the logistics of this scheme. What's the difference between this and just telling them they need to pay off 40% of their debt above the 60% debt above GDP? Or really ENFORCING the rule they already have of the upper debt of GDP limit? Sounds like our government in that instead of enforcing a law, just create another law to enforce something else to hide the first, then create later another law to hide both the first and second laws, etc. Oh, yes, don't forget the EXCEPTIONS to the first law, then second, third, etc. until everyone if excepted and we are socialized. Too big to fail laws. Where and when does it stop?

As I expected, the EURO concept just isn't going to work for decades. America did it with a national currency eliminating other individual currencies. But this was way before unions controlled things. Back when it was actually more effective and efficient to do so. Attempting this when Europe did was in the midst of an already complex economic and technical environment. I'll have to look back at the reasoning why they proposed a Euro. However, I had already suspected the individual countries had to be stroked specially and differently to get each on board. I don't recall seeing that. I only saw a mass plan suck them in like a vacuum cleaner. Good luck.