The German Finance Minister, Oskar Lafontaine, has resigned. The Euro has risen in value on international markets since the announcement was made late this afternoon.
Fifty-year-year-old Lafontaine has also stepped down as chairman of the Social Democrats party, which heads the centre-left coalition, which took office last October. Known as Red Oscar because of his radical views; he would have liked the government to pursue more socialist policies. His own chancellor, Gerhard Schroeder, criticised him at a cabinet meeting yesterday.
Lafontaine's resignation will create difficulties for Germany, which is chairing the European structural funds negotiations. However, the value of the Euro rose sharply in New York at the news of Mr. Lafontaine’s sudden departure.
