Gernot's Feed
Apr 22, 2012

Europe pressed to deliver debt fix

WASHINGTON, April 21 (Reuters) – Global finance chiefs
pressed Europe on Saturday to take advantage of newly increased
financial buffers and make the lasting reforms needed to tackle
its debt crisis, which is threatening the world recovery.

A day after advanced and emerging countries agreed to double
the firepower of the International Monetary Fund to help contain
Europe’s debt crisis, the IMF’s governing panel said the
17-nation euro area must make more cuts to government debt
burdens, push bold economic reforms and stabilize financial
systems.

Apr 21, 2012

IMF presses Europe to contain debt crisis

WASHINGTON (Reuters) – Europe was pressed by other world powers on Saturday to take strong measures to fix its debt-heavy economy and restore growth to a level that would lift the cloud hanging over the fragile global recovery.

A day after top economies agreed to lend more money to the International Monetary Fund to help contain Europe’s debt crisis, the IMF’s governing panel said the euro area must cut government debt burdens, make bold economic reforms and stabilize its financial systems to restore growth.

Apr 17, 2012

Time not bailout needed for Spain to win over markets – Schaeuble

BERLIN (Reuters) – Spain is delivering on economic reforms and will not require a Greek-style bailout but the trust of nervous markets will not be won back overnight, German Finance Minister Wolfgang Schaeuble told Reuters.

Schaeuble also said in an interview days before the spring meetings of the International Monetary Fund and World Bank he expected the world’s top 20 economies to agree in Washington to boost the crisis-fighting resources of the IMF by $400 billion.

Mar 30, 2012

Germany, Swiss try to rescue tax deal after hitch

BERLIN (Reuters) – Germany and Switzerland scrambled on Friday to salvage a landmark deal on taxing secret offshore accounts after the main German opposition party raised 11th hour objections to a compromise plan it branded full of “loopholes”.

Germany and its tiny Alpine neighbor want to conclude by this weekend a pact that would protect Switzerland’s tradition of banking secrecy — cornerstone of its $2 trillion financial services industry — by taxing wealthy Germans’ Swiss accounts and levying a high interest rate on undeclared money.

Mar 26, 2012

Germany says euro zone transaction tax won’t work

BERLIN, March 26 (Reuters) – Finance Minister Wolfgang
Schaeuble conceded for the first time on Monday that efforts to
get a financial transaction tax implemented in the euro zone
were doomed.

“We just can’t get it done,” Schaeuble said in Berlin,
referring to efforts led by Germany and France to introduce a
levy to replenish government coffers hit by the financial
crisis.

Mar 15, 2012

Germany wants to reopen Swiss tax deal talks – sources

BERLIN (Reuters) – Germany wants to reopen talks with Switzerland on a deal to stop its citizens dodging taxes after opposition parties said it was too soft on tax evaders and threatened to block it, sources said.

Berne said on Thursday it was ready to continue talking but did not want to change the core of the deal.

Mar 2, 2012

Germany to push for fair share of Airbus ops

BERLIN, March 2 (Reuters) – Germany said Airbus should
locate more of its activities in the country and hire equal
numbers of French and German executives, provoking the European
aerospace group to say it would not tolerate such meddling.

The spat comes at a sensitive time as Germany prepares to
buy a 7.5 percent stake in Airbus parent EADS from
Daimler, and as Airbus chief executive Thomas Enders
prepares to take the helm at EADS.

Feb 26, 2012

G20 to Europe: show us the money

MEXICO CITY, Feb 26 (Reuters) – Leading economies told
Europe it must put up extra money to fight its debt crisis if it
wants more help from the rest of the world, piling pressure on
Germany to drop its opposition to a bigger European bailout.

Euro zone countries pledged on Sunday at a Group of 20
meetings of finance leaders to reassess the strength of their
bailout fund in March, which could clear the way for other G20
countries to contribute more funds to the International Monetary
Fund.

Feb 26, 2012

G20 works on huge rescue deal for April

MEXICO CITY (Reuters) – Leading economies told Europe it must put up extra money to fight its debt crisis if it wants more help from the rest of the world, piling pressure on Germany to drop its opposition to a bigger European bailout.

Euro zone countries pledged on Sunday at a Group of 20 meetings of finance leaders to reassess the strength of their bailout fund in March, which could clear the way for other G20 countries to contribute more funds to the International Monetary Fund.

Feb 15, 2012

ECB ready to forego Greece bond profit

BERLIN (Reuters) – European Central Bank policymakers said they have no wish to book a profit on Greek sovereign bonds the ECB holds and gave a green light on Wednesday for euro zone member states to pass on the funds to Greece.

Joerg Asmussen and Luc Coene both backed an idea floated by ECB President Mario Draghi last Thursday for the central bank to help Athens indirectly by relinquishing the bond profits – a move that could help Athens avoid a chaotic default.