Gernot's Feed
Jul 25, 2011

Germany will encourage firms to invest in Greece

BERLIN (Reuters) – Germany’s economy minister will meet on Wednesday with around 20 German business groups to discuss how to boost investment in the Greek economy, the ministry said on Monday.

Euro zone leaders agreed last week to offer Greece debt relief through a new rescue package of easier loan terms and to launch a “Marshall Plan” to revive the ailing Greek economy.

Jul 21, 2011

ECB said to accept temporary Greek default in rescue

BERLIN/BRUSSELS (Reuters) – The European Central Bank (ECB) is willing to let Greece slip into temporary default as part of a crisis response that would involve a bond buyback but no new tax on banks, EU sources said on Thursday.

German Chancellor Angela Merkel and French President Nicolas Sarkozy crafted a common position on a second Greek bailout in late night talks in Berlin with ECB President Jean-Claude Trichet, sources in both governments said.

Jul 21, 2011

No bank tax in Franco-German deal on Greece

BERLIN/BRUSSELS (Reuters) – Germany and France have ruled out a bank tax after reaching a common position on a second bailout of Greece to prevent the country’s debt crisis spreading through Europe, EU sources said on Thursday.

The accord came after seven hours of talks late into Wednesday night between German Chancellor Angela Merkel and French President Nicolas Sarkozy in Berlin, sources in both governments said.

Jul 20, 2011

Germany, France reach accord on Greek bailout

BERLIN/PARIS (Reuters) – Germany and France have reached a common position on a second bailout of Greece in their effort to prevent the country’s debt crisis from spreading through Europe, officials said on Thursday.

The accord came after seven hours of talks late into Wednesday night between German Chancellor Angela Merkel and French President Nicolas Sarkozy in Berlin, sources in both governments said.

Jun 27, 2011

Europe must plan for Greek vote setback: German minister

BERLIN (Reuters) – Euro zone policymakers battling to keep a lid on the region’s debt crisis must be ready to respond if Greek lawmakers block the country’s new austerity measures, Germany’s deputy finance minister said on Monday.

Joerg Asmussen said he expected the Greek parliament to vote through the 28 billion euro austerity package — essential for clearance of the next tranche of Greece’s EU/IMF bailout program — but Europe needed to be prepared for the worst.

Jun 27, 2011

Europe must plan for Greek vote setback -German Min

BERLIN, June 27 (Reuters) – Euro zone policymakers battling
to keep a lid on the region’s debt crisis must be ready to
respond if Greek lawmakers block the country’s new austerity
measures, Germany’s deputy finance minister said on Monday.

Joerg Asmussen said he expected the Greek parliament to vote
through the 28 billion euro austerity package — essential for
clearance of the next tranche of Greece’s EU/IMF bailout
programme — but Europe needed to be prepared for the worst.

Jun 22, 2011

Europe pushes banks to share Greek bail-out pain

BERLIN/PARIS, June 22 (Reuters) – European governments
summoned banks and insurers to urgent meetings on Wednesday,
pressing them to share the cost of a second Greek bailout with
taxpayers and avoid a market meltdown.

Germany invited private creditors to a meeting, a letter
seen by Reuters showed, to discuss their voluntary support for
the debt-struck country. Other euro zone countries, including
France and the Netherlands, held similar discussions.

Jun 22, 2011

Europe pushes banks to join Greek bail-out

BERLIN/PARIS (Reuters) – European governments are pressing reluctant banks and insurers to share the pain of a second Greek bailout package, in an attempt to avoid market meltdown while reducing the cost to taxpayers.

Talks between governments and creditors began across the euro zone on Wednesday, three people familiar with the matter told Reuters. The European Union bloc agreed last week that any private sector support for the bailout had to be voluntary.

Jun 22, 2011

Europe seeks to get banks on board Greek bail-out

BERLIN/PARIS (Reuters) – European governments are trying to persuade banks and insurers to share the pain of a second Greek bailout package, in an attempt to avoid market meltdown while keeping taxpayers happy.

Talks between governments and creditors will begin across the euro zone Wednesday, a source in the German government said. The European Union bloc agreed last week that any such participation could only be voluntary.

Jun 9, 2011

Coalition backs stance on Greek bondholders – Schaeuble

BERLIN (Reuters) – All three parties in Germany’s ruling coalition back the government’s position on Greece, Finance Minister Wolfgang Schaeuble said on Thursday after proposing private investors should renew their Greek bondholdings.

Schaeuble wrote to the European Central Bank, the International Monetary Fund and his euro zone partners earlier this week and proposed a swap in which private debt holders would trade in their Greek government bonds for new ones, giving Greece an extra seven years to work through its debt.