Gernot's Feed
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.

Oct 31, 2011

Interview: Euro deal will only work if all parts implemented

BERLIN (Reuters) – A package of measures agreed by European leaders this month to stem their debt crisis will only work if all elements are implemented, German Deputy Finance Minister Joerg Asmussen said in an interview on Monday.

Speaking to Reuters days before a meeting of G20 leaders in Cannes, Asmussen also said he did not expect Germany to come under any pressure from other countries at the summit to do more to stem the crisis that has forced bailouts of Greece, Ireland and Portugal and now threatens Italy and Spain.

Oct 31, 2011

Euro deal will only work if all parts implemented

BERLIN (Reuters) – A package of measures agreed by European leaders this month to stem their debt crisis will only work if all elements are implemented, German Deputy Finance Minister Joerg Asmussen said in an interview on Monday.

Speaking to Reuters days before a meeting of G20 leaders in Cannes, Asmussen also said he did not expect Germany to come under any pressure from other countries at the summit to do more to stem the crisis that has forced bailouts of Greece, Ireland and Portugal and now threatens Italy and Spain.

Oct 25, 2011

German EconMin sees coalition majority in EFSF vote

BERLIN (Reuters) – German Economy Minister Philipp Roesler said he was confident Germany’s centre-right coalition would pass proposals on how to leverage the euro zone rescue fund with its own parliamentary majority, in a Bundestag vote on Wednesday.

Roesler also said in an interview with Reuters that excluding member states who bust euro zone budget rules was not currently under consideration and the goal was to keep all euro zone members within the single currency bloc.

Oct 21, 2011

Merkel sticks to hard line on euro zone solution

BRUSSELS/BERLIN, Oct 21 (Reuters) – European leaders have
put off crucial decisions on how to stop a sovereign debt
meltdown in their currency zone, keeping markets on edge, to
give German Chancellor Angela Merkel time to secure
parliamentary support, EU sources said on Friday.

Leaders of the 17-nation euro zone will now hold a second
summit next Wednesday to thrash out the toughest issues of how
to maximise the bloc’s financial rescue fund and how to reduce
Greece’s debt, because Merkel will not be empowered to conclude
agreements when they meet in Brussels on Sunday.