Gernot's Feed
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.

Oct 20, 2011

Franco-German split over bailout fund threatens crisis plan

BRUSSELS/BERLIN, Oct 21 (Reuters) – Deep divisions between
France and Germany mean they will make scant progress on
strengthening the euro zone bailout fund at a summit on Sunday,
in a sign that Europe’s leaders are still some way from getting
a grip on the bloc’s debt crisis.

France and Germany said in a joint statement on Thursday
that European leaders would discuss a global solution to the
crisis on Sunday but no decisions would be adopted before a
second meeting to be held by Wednesday at the latest.

Oct 20, 2011

Franco-German split over bailout fund threatens summit

BRUSSELS/BERLIN, Oct 20 (Reuters) – Deep divisions between
France and Germany mean they are likely to make scant progress
on strengthening the euro zone bailout fund at a summit on
Sunday, fuelling investor concerns that Europe’s leaders are
failing to get a grip on the crisis.

Two euro zone officials said on Thursday France and Germany
were considering holding another euro zone summit next week to
try to bridge their differences, having already accepted that
they will not be able to strike a deal on Sunday Oct. 23.

Oct 19, 2011

Germany to slash 2012 growth forecast – sources

BERLIN (Reuters) – The German government will nearly halve its forecast for growth next year to about one percent, coalition sources said on Wednesday, underscoring fears about a significant slowdown in Europe’s biggest economy due partly to the debt crisis.

The government is due to announce its latest estimates for growth on Thursday.

Coalition sources told Reuters that Economy Minister Philipp Roesler would revise his previous forecast of 1.8 percent growth for next year to about one percent and that he would cut his 2011 forecast to 2.9 percent from three percent.

Oct 15, 2011

G20 maintains pressure on euro zone over debt crisis

PARIS (Reuters) – The world’s leading economies kept the pressure firmly on Europe to sort out its debt crisis on Saturday with the sense of urgency to be reflected in a communique at the end of a G20 finance chiefs’ meeting.

The make or break moment in the two-year-old crisis that has spread far beyond starting point Greece could come at a summit of EU leaders on October 23. Germany and France have promised to set out a plan to halt the contagion, protect Europe’s banks and the wider world economy.

Aug 23, 2011

Minister drags Berlin into euro crisis collateral row

BERLIN (Reuters) – A minister in Angela Merkel’s conservative party propelled Germany into a debate about guarantees on bailout payments to Greece, backing a demand from Finland for collateral, but Berlin distanced itself from her comments.

Labour Minister Ursula von der Leyen, also a deputy president of the chancellor’s Christian Democrats (CDU), told German TV on Tuesday that future bailouts should only be made against guarantees.

Aug 16, 2011

Exclusive: Germany seeks local investor for EADS stakes

BERLIN (Reuters) – Germany is starting to look for domestic private investors to buy part of Daimler’s (DAIGn.DE: Quote, Profile, Research, Stock Buzz) stake in EADS (EAD.PA: Quote, Profile, Research, Stock Buzz) and keep German influence at the European aerospace group, ruling coalition sources said on Tuesday.

“The starting shot has been fired,” one source close to the matter told Reuters. Other sources in conservative Chancellor Angela Merkel’s coalition confirmed this, saying that a systematic search would get underway in the coming weeks.

Aug 16, 2011

Germany seeks buyer for Daimler’s EADS stake -sources

BERLIN, Aug 16 (Reuters) – Germany is starting to look for
private investors to buy part of Daimler’s (DAIGn.DE: Quote, Profile, Research) stake in
European aerospace group EADS (EAD.PA: Quote, Profile, Research), sources in the ruling
coalition told Reuters on Tuesday.

“The starting shot has been fired,” one source close to the
matter told Reuters. Other sources in Chancellor Angela Merkel’s
coalition confirmed this, saying that a systematic search would
get underway in the coming weeks.