Gernot's Feed
Aug 20, 2013

Greece will need third aid deal, German Finance Minister admits

AHRENSBURG, Germany (Reuters) – Germany’s finance minister admitted for the first time on Tuesday that Greece would need a third aid package, as a source in Athens said the sums involved in any new deal would be far smaller than previous rescues.

“There will have to be another program in Greece,” Wolfgang Schaeuble told a campaign audience in northern Germany, in comments that raised prospect of a step that could be deeply unpopular domestically just five weeks before national elections.

Aug 9, 2013

Germany likely grew by 0.75 percent in second quarter: deputy minister

BERLIN (Reuters) – The German economy expanded by 0.75 percent in the second quarter, its strongest rate in more than two years, but growth will slow in the second half of the year, German Deputy Economy Minister Bernhard Heitzer told Reuters on Friday.

Europe’s largest economy performed strongly during the early years of the euro zone crisis but only just managed to escape recession in early 2013, when a long, harsh winter dampened construction activity and exports were weak.

Aug 8, 2013

German report says car coolant ‘riskier but not dangerous’

BERLIN/FRANKFURT (Reuters) – A new air conditioning refrigerant used in cars poses no material risk to occupants even if it is more dangerous than an older alternative now being phased out to meet environmental rules, German officials said in a closely watched report.

The report by Germany’s Federal Motor Transport Authority (KBA) comes after France banned the sale of most of Daimler’s new model Mercedes cars using the older refrigerant, saying it did not meet new European environmental standards.

Aug 8, 2013

German officials find no material risk in new car coolant

BERLIN, Aug 8 (Reuters) – A new air conditioning refrigerant
used in cars poses no material risk to occupants even if it is
slightly more dangerous than the prevailing alternative now
being phased out to meet environmental rules, according to an
official German report.

The closely watched report comes amid a dispute raging in
the industry over the coolant – one that has escalated ever
since France banned the sale of most of Daimler’s new
model Mercedes cars using the older refrigerant, saying it did
not meet new European environmental standards.

Jul 20, 2013

G20 wary of scaring markets, promises careful policy shift

MOSCOW (Reuters) – The Group of 20 nations, wary of renewed market volatility, pledged on Friday to shift policy carefully and communicate clearly as they seek to navigate a path to recovery.

A final draft communique prepared for G20 finance ministers and central bankers meeting in Moscow said an action plan to boost jobs and growth, while rebalancing global demand and debt, would be readied for their leaders in September.

Jul 19, 2013

G20 focuses on policy clarity, wary of new market turmoil

MOSCOW (Reuters) – The Group of 20 nations, wary of renewed market volatility, stressed the need on Friday to shift policy carefully and communicate clearly as they seek to chart a course to recovery.

A draft communique prepared for G20 finance ministers and central bankers meeting in Moscow said an action plan would be readied for their leaders in September to boost jobs and growth, continue monetary policy support and increase domestic demand where appropriate.

Jul 19, 2013

G20 talks focus on policy clarity, global rebalancing

MOSCOW, July 19 (Reuters) – The world’s economic crisis
response team grappled on Friday with the prospect of more
market volatility resulting from powerhouses the United States,
China and Japan charting a course towards recovery.

Finance ministers and central bankers from the Group of 20
nations, gathered in Moscow, were expected to call for greater
clarity in policy ‘messaging’ after signals of a withdrawal of
U.S. monetary stimulus caused a global sell-off in stocks and
bonds, and a flight to the dollar.

Jul 19, 2013

G20 backs tax plan, seeks to chart recovery

MOSCOW (Reuters) – The Group of 20 nations backed a tax plan on Friday that takes aim at the loopholes used by multinational firms and responds to anger among voters hit with higher tax bills to cover soaring national debts.

Finance ministers and central bankers gathering in Moscow were otherwise focused on charting a course towards global economic recovery, and seeking to calm financial markets worried about the impact of stimulus programs.

Jul 18, 2013

German finance minister says multinationals must pay fair taxes

BERLIN (Reuters) – German Finance Minister Wolfgang Schaeuble will push to stop multinational companies shifting profits to tax havens and is confident the Group of 20 nations meeting in Moscow this week will agree on common standards.

Schaeuble told Reuters in an interview on Thursday an action plan to be presented to G20 finance ministers by the Organisation for Economic Co-operation and Development would set clear and ambitious targets on tax evasion.

Jul 17, 2013

German finance minister to offer Greece bilateral aid

BERLIN, July 17 (Reuters) – German Finance Minister Wolfgang
Schaeuble will offer Greece 100 million euros ($131 million) for
a fund to promote economic growth in a visit to Athens on
Thursday in a move unlikely to appease protesters who resent his
firm stance on austerity measures.

Tens of thousands of Greek workers have taken to the streets
to protest this week against government plans to fire public
sector employees to satisfy foreign lenders who granted
debt-stricken Greece a multi-billion euro aid tranche this
month.