Gernot's Feed
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.

Apr 5, 2011

Iran-India oil trade halted in Germany-official

BERLIN, April 5 (Reuters) – India has agreed to stop paying
for its Iranian oil imports via Germany, a German official said
on Tuesday, ending a trade conduit that had drawn strong
disapproval from the United States and Israel.

The decision was a result of consultations between Berlin
and New Delhi, and not pressure from Chancellor Angela Merkel at
home or abroad to disrupt the payment scheme, the high-ranking
government official said, declining to be named.

Feb 23, 2011

Golden share could be solution for EADS -Bruederle

BERLIN, Feb 23 (Reuters) – A golden share that would give
France and Germany veto rights on strategic issues could be a
solution to the issue of ownership in aerospace and defence firm
EADS (EAD.PA: Quote, Profile, Research, Stock Buzz), Germany’s Economy Minister said on Wednesday.

But this option was only one of many others and was not
discussed at a top-level government meeting on Wednesday,
Economy Minister Rainer Bruederle added.

Feb 19, 2011

China resisting G20 deal on indicators

PARIS (Reuters) – China was holding out on Saturday against an agreement among the world’s major economies on ways to measure and correct global economic imbalances, refusing to have its massive currency reserves used as an indicator.

Finance ministers and central bankers of the Group of 20 countries were struggling to agree on a set of yardsticks to identify problems that could cause another global financial crisis after senior officials failed to achieve a breakthrough in an all-night negotiating session, delegates said.

Feb 19, 2011

Germany hopes for G20 deal despite Chinese opposition

PARIS (Reuters) – Germany held out hope on Saturday for a G20 deal on measuring global economic imbalances despite stiff Chinese opposition to some of the indicators proposed.

China rejected plans on Friday to use real exchange rates and currency reserves to measure imbalances and said trade figures rather than current account balances should be used to assess economic distortions.

Feb 18, 2011

G20 wrangles over imbalance indicators, inflation

PARIS (Reuters) – The world’s major economies were split on Friday over how to measure imbalances in the global economy to help avert future financial crises, Japan’s finance minister said, but negotiators said a compromise was possible.

Speaking hours before the start of a meeting of G20 finance ministers and central bankers, Yoshihiko Noda said he was not sure they would reach any agreement on a set of indicators to assess economic equilibrium.