Gernot's Feed
Jun 12, 2012

Germany says G20 should look beyond euro zone

BERLIN (Reuters) – Group of 20 leaders meeting in Mexico next week to discuss the state of the global economy should not focus exclusively on problems in the euro zone but also talk about the strained U.S. budget and Chinese currency, German officials said on Tuesday.

The summit in Los Cabos on June 18-19 seems likely to be overshadowed by the woes of Europe’s single currency bloc, coming a week after Spain announced plans to seek EU aid for its banks and a day after Greece holds a pivotal election.

Jun 7, 2012

German MPs pave way for fiscal pact, ESM approval

BERLIN (Reuters) – Germany’s government and the main opposition party agreed the outlines of a European financial transaction tax on Thursday, potentially opening the way for parliament to approve a fiscal pact and permanent rescue scheme for the euro zone.

The center-left Social Democrats (SPD) have linked progress on the tax as well as growth-boosting measures to their approval for the pact and for the euro bailout fund, the European Stability Mechanism (ESM). Merkel needs their backing to get the required two-thirds majority in parliament.

Jun 5, 2012

German regulator wants national responsibility for power grid

BERLIN, June 5 (Reuters) – Chancellor Angela Merkel’s plan
to replace nuclear power with renewable sources could fail
unless Germany’s federal states pool responsibility for the
construction of a national grid, the head of the power network
regulator said on Tuesday.

The Bundesnetzagentur has offered to take national
responsibility for the grid which crosses borders between the
16 states in Europe’s biggest national power market.

May 24, 2012

German parties make progress on fiscal pact deal

BERLIN (Reuters) – Germany’s government and opposition parties edged closer on Thursday towards a compromise deal that would pave the way for parliamentary approval of Europe’s new fiscal pact and permanent bailout fund.

The opposition Social Democrats (SDP) also appeared to give ground on their insistence on euro bonds to tackle the euro zone’s debt crisis, a day after Chancellor Angela Merkel reaffirmed her opposition to them at a summit in Brussels.

Apr 23, 2012

Europe pressed for action to end debt crisis

WASHINGTON (Reuters) – Global finance chiefs pressed Europe in weekend talks to quickly put in place the economic reforms needed to finally extinguish its debt crisis now that newly increased financial buffers have bought some precious time.

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

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.