Gernot's Feed
Feb 26, 2012

G20 to Europe: show us the money

MEXICO CITY, Feb 26 (Reuters) – Leading economies told
Europe it must put up extra money to fight its debt crisis if it
wants more help from the rest of the world, piling pressure on
Germany to drop its opposition to a bigger European bailout.

Euro zone countries pledged on Sunday at a Group of 20
meetings of finance leaders to reassess the strength of their
bailout fund in March, which could clear the way for other G20
countries to contribute more funds to the International Monetary
Fund.

Feb 26, 2012

G20 works on huge rescue deal for April

MEXICO CITY (Reuters) – Leading economies told Europe it must put up extra money to fight its debt crisis if it wants more help from the rest of the world, piling pressure on Germany to drop its opposition to a bigger European bailout.

Euro zone countries pledged on Sunday at a Group of 20 meetings of finance leaders to reassess the strength of their bailout fund in March, which could clear the way for other G20 countries to contribute more funds to the International Monetary Fund.

Feb 15, 2012

ECB ready to forego Greece bond profit

BERLIN (Reuters) – European Central Bank policymakers said they have no wish to book a profit on Greek sovereign bonds the ECB holds and gave a green light on Wednesday for euro zone member states to pass on the funds to Greece.

Joerg Asmussen and Luc Coene both backed an idea floated by ECB President Mario Draghi last Thursday for the central bank to help Athens indirectly by relinquishing the bond profits – a move that could help Athens avoid a chaotic default.

Jan 23, 2012

Germany, France press for rapid Greek debt deal

PARIS/BERLIN, Jan 23 (Reuters) – Germany and France
pressed on Monday for a rapid deal between Greece and its
private creditors that cuts its soaring debt to sustainable
levels and said they were committed to a sealing a new bailout
for Athens by March to avert a disastrous default.

Euro zone finance ministers met in Brussels to discuss the
terms of a Greek debt restructuring and new treaties that will
pave the way for tighter fiscal discipline and a new rescue fund
the bloc wants in place by mid-year.

Jan 23, 2012

Germany, France press for Greek debt deal

PARIS/BERLIN (Reuters) – Germany and France pressed on Monday for a rapid deal between Greece and its private creditors that returns its soaring debt to sustainable levels and said they remained committed to a new bailout that is needed by March to avert a disastrous default.

Euro zone finance ministers are due to decide later on Monday what terms of a Greek debt restructuring they are ready to accept as part of a second rescue for Athens.

Dec 26, 2011

German industry leaders see no 2012 recession

BERLIN, Dec 26 (Reuters) – The leaders of Germany
major business and industry groups said they expect the
country’s economy to lose momentum though not enter recession in
2012, weighed down by the euro zone’s debt crisis.

In interviews with Reuters released on Monday, they also
said they do not expect the euro to fail though they agreed the
region’s crisis looms as a major threat to growth and stability
in Europe and the United States.

Nov 17, 2011

EU’s Barnier eyes rethink on zero-risk bank rule

BERLIN/LONDON, Nov 17 (Reuters) – A top European Union
official wants a rethink of a rule seen as discredited by the
euro zone crisis that allows banks to avoid setting aside
capital against risky sovereign debt holdings.

Under the rule, a bank holding sovereign bonds denominated
in the currency it operates in can treat them as having a zero
risk weighting when calculating the size of its capital buffer.

Nov 14, 2011

Germans and Swiss still discussing tax agreement

BERLIN, Nov 14 (Reuters) – Germany and Switzerland
said on Monday they were still discussing an agreement to rein
in tax dodgers after a report that Berlin wanted to renegotiate
the deal signed in September.

The deal aims to tax money stashed by German citizens in
secret accounts, which would net Berlin billions of euros and
whittle away at Switzerland’s renowned banking secrecy.

Nov 3, 2011

Insight: Grave mood, straight talk at historic EU meeting

CANNES, France (Reuters) – The mood was tough, the words ‘crystal clear’. German and French leaders told Greek Prime Minister George Papandreou in two hours of torrid talks they would not allow the 50-year march of European integration to founder on Athens’ failure to tackle its debt problems.

The confrontation in the Riviera town of Cannes raised for the first time the possibility of a state being ejected from the 12-year-old euro zone, even leaving the European Union itself.

Nov 3, 2011

Grave mood, straight talk at historic EU meeting

CANNES, France (Reuters) – The mood was tough, the words ‘crystal clear’. German and French leaders told Greek Prime Minister George Papandreou in two hours of torrid talks they would not allow the 50-year march of European integration to founder on Athens’ failure to tackle its debt problems.

The confrontation in the Riviera town of Cannes raised for the first time the possibility of a state being ejected from the 12-year-old euro zone, even leaving the European Union itself.