Gernot's Feed
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.

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.