Gernot's Feed
Jun 9, 2011

Schaeuble: Coalition backs stance on Greek bondholders

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.

Jun 7, 2011

German lawmakers see no alternative to more Greek aid

BERLIN (Reuters) – German Chancellor Angela Merkel faces intense domestic pressure to win concessions from Athens and involve private sector investors in a new aid deal for Greece, but the risks of a rebellion in parliament against further assistance are extremely low.

Despite tough talk from a vocal minority of Bundestag backbenchers, Merkel retains broad support within her coalition and among key opposition leaders for her stance that Greece should receive additional support to avert a wider disaster for the euro zone.

Jun 6, 2011

Analysis: German lawmakers see no alternative to more Greek aid

BERLIN (Reuters) – German Chancellor Angela Merkel faces intense domestic pressure to win concessions from Athens and involve private sector investors in a new aid deal for Greece, but the risks of a rebellion in parliament against further assistance are extremely low.

Despite tough talk from a vocal minority of Bundestag backbenchers, Merkel retains broad support within her coalition and among key opposition leaders for her stance that Greece should receive additional support to avert a wider disaster for the euro zone.

May 16, 2011

Merkel wants Europe to keep top IMF job for now

BERLIN (Reuters) – It makes sense for Europe to keep the top job at the lnternational Monetary Fund for now given its role in tackling the euro zone crisis, though the post may go to the developing world in the future, Germany’s leader said.

Chancellor Angela Merkel said on Monday it was not yet time to discuss who should succeed Dominique Strauss-Kahn, charged with sexual assault in New York, and that the current head of the global lender should be presumed innocent unless proven guilty.

May 8, 2011

German economy minister rejects Greece exit from euro

BERLIN (Reuters) – Germany’s economy minister rejected on Sunday speculation that Greece should abandon the euro zone and return to the drachma, arguing that this would only weaken Europe at a time when it needs to be strengthened.

“I am not for that … rather I am much more of the opposite opinion,” Rainer Bruederle told Reuters on the sidelines of an internal parliamentary group meeting of the Free Democrats (FDP) in Berlin.

May 7, 2011

German MP says Berlin should help Greece leave euro

BERLIN (Reuters) – Germany should constructively support any efforts by Greece to abandon the euro and return to the drachma, a leading MP in Germany’s junior coalition Free Democrats (FDP) said on Saturday.

“If Greece wants to leave the euro zone, that is its own autonomous decision,” Frank Schaeffler, an FDP member in the finance committee of the Bundestag, told Reuters.

Apr 15, 2011

G20 agrees plan to detect danger spots – source

WASHINGTON (Reuters) – The world’s big economies agreed on Friday on a plan for identifying countries whose policies could put the global economy at risk if left unchecked, a Group of 20 source said on Friday.

The outline will be made public in a communique later on Friday. It was unclear whether specific countries deemed large enough to merit special attention would be named now or later.

Apr 15, 2011

Euro zone officials play down Greek restructuring talk

WASHINGTON, April 15 (Reuters) – Euro zone top officials
sought on Friday to play down market speculation of a Greek
debt restructuring, but a German official said Berlin would
back a voluntary restructuring.

“I have to say that all these rumors and speculation
concerning a restructuring of Greek debt are totally unfounded.
This not even an option,” the chairman of the euro zone finance
ministers, Jean-Claude Juncker, told reporters.

Apr 14, 2011

G20 moving on controls, SDR, but slowly

WASHINGTON (Reuters) – The world’s big economies are moving carefully on establishing possible standards for using capital controls and expanding the International Monetary Fund’s currency basket, Germany’s deputy finance minister said.

Joerg Asmussen told Reuters on Thursday that the Group of 20 nations that meet on Thursday night and on Friday believe capital controls can be useful even if they are not the preferred response to investment flows around the world.

Apr 14, 2011

G20 eyes anti-crisis plan, mulls recovery risks

WASHINGTON (Reuters) – The United States tried to instill confidence on Thursday that the global recovery was not at risk as global finance chiefs gathered to advance a plan to prevent future economic crises.

Finance ministers and central bankers from the Group of 20 rich and emerging countries, and the smaller Group of Seven developed nations, later on Thursday will weigh the impact of high oil prices, huge government debts and Japan’s disasters.