Gernot's Feed
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.

Jul 16, 2013

Germany may consider Commerzbank stake sale after election

FRANKFURT (Reuters) – German policymakers may look at selling the state’s 17 percent stake in bailed-out lender Commerzbank (CBKG.DE: Quote, Profile, Research, Stock Buzz) after national elections in September, sources close to the leading political parties said.

Investment bankers have asked for meetings with the Finance Ministry to pitch their ideas for the state’s exit from the country’s second-largest lender, a person familiar with the German government said on Tuesday.

Jul 12, 2013

Germany, France split over EU banks plan

BERLIN/PARIS – July 12 (Reuters) – Germany and France were
split on Friday over European Union plans for a new agency to
wind down troubled banks, with Berlin saying they go too far in
centralising control in Brussels.

The body would form part of a banking union designed to
underpin confidence in the euro zone and end the previously
chaotic handling of cross-border bank collapses.

Jul 12, 2013

Commission wants too much power with bank plans – German finance minister

BERLIN (Reuters) – The European Commission is trying to pocket too much power with its proposals on how to salvage or shut failing euro zone banks, German Finance Minister Wolfgang Schaeuble said in a letter to the EU official in charge of the plans presented this week.

Schaeuble wrote in his letter to Michel Barnier, Commissioner for Internal Market and Services, that the proposal for the Commission to make the final decision on whether to wind down banks was out of step with European Union law.

Jul 12, 2013

Commission wants too much power with bank plans – German finmin

BERLIN, July 12 (Reuters) – The European Commission is
trying to pocket too much power with its proposals on how to
salvage or shut failing euro zone banks, German Finance Minister
Wolfgang Schaeuble said in a letter to the EU official in charge
of the plans presented this week.

Schaeuble wrote in his letter to Michel Barnier,
Commissioner for Internal Market and Services, that the proposal
for the Commission to make the final decision on whether to wind
down banks was out of step with European Union law.

Jul 12, 2013

Commission wants too much power with bank plans – German finmin

BERLIN, July 12 (Reuters) – The European Commission is
trying to pocket too much power with its proposals on how to
salvage or shut failing euro zone banks, German Finance Minister
Wolfgang Schaeuble said in a letter to the EU official in charge
of the plans presented this week.

Schaeuble wrote in his letter to Michel Barnier,
Commissioner for Internal Market and Services, that the proposal
for the Commission to make the final decision on whether to wind
down banks was out of step with European Union law.