New EC Thread
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Re: New EC Thread
Claudia79 Sat 6 Oct - 15:45
People can question the way the reunification happened. Never the reunification itself. A divided Germany was a shame. Nothing more nothing less. Families were separated and deprived of the company of their loved ones. People died. The wall that came down when I was ten was indeed the wall of shame as Willy Brandt called it. And when it came down it made me proud to have been born there.
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Re: New EC Thread
Panda Sat 6 Oct - 17:06
I remember the Wall coming down very well, who Built it ? I didn't know Angela Merkel was from East Germany , there was a Documentary about her a few months ago, she believes , as do most Germans , in the Luther principle of not having debt, which is why it is easy for her to demand austerity. The Germans did not have a rise for 12 years to help repay the cost of the rebuilding of the East and merger with the West. Either yesterday or the day before I posted an Article about many Poles living in Germany going back to their own Country.
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Re: New EC Thread
Panda Sat 6 Oct - 19:34
Eurozone
Surprise — we haven’t escaped the crisis
27 September 2012La Stampa Turin
Bas van der Schot
After a period of relative truce and some optimism, the markets seem to be back in a mood to dish out more punishment to the shakiest countries in the euro zone, and social tensions are flaring up. Those who thought that the modest changes in policy would solve a structural crisis are gravely mistaken, says an economist.
Mario Deaglio
The coming of autumn, September 23, heralded the end of the summer not only for ordinary mortals, but for the financial markets too. From Tokyo to New York and across Europe, stock prices are beating a retreat almost everywhere.
What's going on? International markets are paying the price for the end of three illusions that kept them company through the summer. The first, still childish but nonetheless rather widespread, could be called "the illusion of a magic wand”. This mental deformation suggests that governments and central banks are capable of reversing, in the span of a few weeks or months, negative trends that have taken root over years. They could do it, the belief goes, by adding a minor regulatory provision of just a few lines, by amending a few rather impractical laws – and everything would be as it was before: the garden of (financial) delights will go back to watching its marvellous fruit ripen.
In reality, the crisis we have been living with for five years is a much more serious phenomenon. Its bacilli have nested almost everywhere, in the economy and throughout society, and not only in share prices. And the sickness will take years to extirpate – if it even can be extirpated. The consolidation measures are no easy sprint downhill. Players on the financial markets who do not want to believe that risk ending up with burnt fingers.
Are Europeans really ready to accept these sacrifices?
The second illusion of the markets is related to the first and wants, magic wand or no magic wand, to believe that the remedy to heal the real economy has already been found – which ought to have an immediate and positive impact on the stock market. In reality, the remedies proposed are two in number, and so far, neither is any solution: the first is to inject liquidity on a massive scale, which is the solution held to by the Americans, which lets them somehow keep the U.S. economy afloat but turns out to be incapable of truly restarting it.
The second is the European blend of fiscal austerity (today) and measures to restart production through healthy public finances (tomorrow), which is a solution that, by definition, calls for plenty of time, plenty of patience and a few sacrifices. Provided, of course, that the results come in.
Are Europeans really ready to accept these sacrifices and exercise the needed patience? This question gets responses that are hesitant, to say the least. That takes us to the third illusion: that governments can choose any sort of measure taking into account solely its economic sustainability and disregarding its political sustainability – i.e, how the people will react to it.
The best example is of course furnished by Greece, where the emphasis is on the need for this or that new slash to the budget, without which the "hole" in the public finances cannot be filled in. However, each new turn of the screw seems to intensify the public pain – as made evident by the very serious protests of 26 September – and swell the ranks of those who are attracted by the idea of blowing it all sky-high and leaving the single currency. This would certainly do no good to the euro and even less to the Greeks who, given the state of their balance of payments, would undoubtedly not be able to pay for the wheat and oil they need to let them get through the winter.
Living on another planet
While the picture is not so bleak in Spain, the room for manoeuvre there is very tight. Italy seems to have more leeway, if we are to believe the declarations of characters known for their severity, like the president of the Bundesbank, on Italy’s ability to cope without help from outside the country. Italy is one of the few countries where most families have substantial savings and where the fall in consumption seems related not just to a fall in the incomes of certain sectors of the population hit especially hard by the crisis, but to a widespread fear for the future.
The problem of political viability arises not just in the allegedly weak countries. It’s evident in France, where news coming in almost simultaneously shows unemployment levels passing the three-million mark and a collapse in the popularity of President François Hollande, who has lost 11 points in a single month. There is also evidence, very clear today, of a slowdown in the German economy and a mood in the ranks of the ruling coalition in Berlin that is far from upbeat. There is virtually no European country that, no matter how sturdy it looks, is not worried about where its economy is headed.
That's why the markets are falling or, at best, extremely wary. After all, even if the players on the financial markets often think they are living on another planet, the stock exchange mirrors the society, with its fears and uncertainties. The world is not confined to share prices but also includes the shopping lists of ever more worried housewives. And it is an illusion to believe that the markets will recover their health in the medium to long term if the housewives continue to fare badly.
On the web
ANALYSIS
Anger swollen by injustice
For Süddeutsche Zeitung, a sense of injustice is the cause of “the citizens’ anger” that has recently been expressed in Greece, Portugal and Spain –
Surprise — we haven’t escaped the crisis
27 September 2012La Stampa Turin
Bas van der Schot
After a period of relative truce and some optimism, the markets seem to be back in a mood to dish out more punishment to the shakiest countries in the euro zone, and social tensions are flaring up. Those who thought that the modest changes in policy would solve a structural crisis are gravely mistaken, says an economist.
Mario Deaglio
The coming of autumn, September 23, heralded the end of the summer not only for ordinary mortals, but for the financial markets too. From Tokyo to New York and across Europe, stock prices are beating a retreat almost everywhere.
What's going on? International markets are paying the price for the end of three illusions that kept them company through the summer. The first, still childish but nonetheless rather widespread, could be called "the illusion of a magic wand”. This mental deformation suggests that governments and central banks are capable of reversing, in the span of a few weeks or months, negative trends that have taken root over years. They could do it, the belief goes, by adding a minor regulatory provision of just a few lines, by amending a few rather impractical laws – and everything would be as it was before: the garden of (financial) delights will go back to watching its marvellous fruit ripen.
In reality, the crisis we have been living with for five years is a much more serious phenomenon. Its bacilli have nested almost everywhere, in the economy and throughout society, and not only in share prices. And the sickness will take years to extirpate – if it even can be extirpated. The consolidation measures are no easy sprint downhill. Players on the financial markets who do not want to believe that risk ending up with burnt fingers.
Are Europeans really ready to accept these sacrifices?
The second illusion of the markets is related to the first and wants, magic wand or no magic wand, to believe that the remedy to heal the real economy has already been found – which ought to have an immediate and positive impact on the stock market. In reality, the remedies proposed are two in number, and so far, neither is any solution: the first is to inject liquidity on a massive scale, which is the solution held to by the Americans, which lets them somehow keep the U.S. economy afloat but turns out to be incapable of truly restarting it.
The second is the European blend of fiscal austerity (today) and measures to restart production through healthy public finances (tomorrow), which is a solution that, by definition, calls for plenty of time, plenty of patience and a few sacrifices. Provided, of course, that the results come in.
Are Europeans really ready to accept these sacrifices and exercise the needed patience? This question gets responses that are hesitant, to say the least. That takes us to the third illusion: that governments can choose any sort of measure taking into account solely its economic sustainability and disregarding its political sustainability – i.e, how the people will react to it.
The best example is of course furnished by Greece, where the emphasis is on the need for this or that new slash to the budget, without which the "hole" in the public finances cannot be filled in. However, each new turn of the screw seems to intensify the public pain – as made evident by the very serious protests of 26 September – and swell the ranks of those who are attracted by the idea of blowing it all sky-high and leaving the single currency. This would certainly do no good to the euro and even less to the Greeks who, given the state of their balance of payments, would undoubtedly not be able to pay for the wheat and oil they need to let them get through the winter.
Living on another planet
While the picture is not so bleak in Spain, the room for manoeuvre there is very tight. Italy seems to have more leeway, if we are to believe the declarations of characters known for their severity, like the president of the Bundesbank, on Italy’s ability to cope without help from outside the country. Italy is one of the few countries where most families have substantial savings and where the fall in consumption seems related not just to a fall in the incomes of certain sectors of the population hit especially hard by the crisis, but to a widespread fear for the future.
The problem of political viability arises not just in the allegedly weak countries. It’s evident in France, where news coming in almost simultaneously shows unemployment levels passing the three-million mark and a collapse in the popularity of President François Hollande, who has lost 11 points in a single month. There is also evidence, very clear today, of a slowdown in the German economy and a mood in the ranks of the ruling coalition in Berlin that is far from upbeat. There is virtually no European country that, no matter how sturdy it looks, is not worried about where its economy is headed.
That's why the markets are falling or, at best, extremely wary. After all, even if the players on the financial markets often think they are living on another planet, the stock exchange mirrors the society, with its fears and uncertainties. The world is not confined to share prices but also includes the shopping lists of ever more worried housewives. And it is an illusion to believe that the markets will recover their health in the medium to long term if the housewives continue to fare badly.
On the web
ANALYSIS
Anger swollen by injustice
For Süddeutsche Zeitung, a sense of injustice is the cause of “the citizens’ anger” that has recently been expressed in Greece, Portugal and Spain –
Two factors explain this anger, whether it be expressed by extremist parties in Greece, separatists in Spain, or a possible return of Silvio Berlusconi in Italy –
Governments are on a state of alert, as the trend towards political extremism increases with every new demonstrator. This could be the demagogues moment of glory.
A society’s capacity for suffering is not solely determined by the price of bread or the value of unemployment benefit. It also depends on the strength of conviction and optimism that a government can generate. In Spain and Greece this leadership has been cruelly lacking. On the contrary, these countries have been marked by a growing sentiment that people are being treated unjustly because the rich remain sheltered and the banks have yet to be affected.
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Re: New EC Thread
Panda Sun 7 Oct - 10:37
Education
Erasmus is going bankrupt
4 October 2012
PresseuropLa Vanguardia, Dziennik Gazeta Prawna
... has defended the symbolic cause of Erasmus in its battle with EU capitals and MEPs, drawing their attention to the problems implied by past and future cuts, especially in those countries with economic problems such as Spain, whose universities are the first for incoming EU students on grants.
Quoted by EUbusiness.com, Alain Lamassoure, head of the European Parliament budget committee, has warned that –
Although the European Commission has not confirmed the figures given by Lamassoure, La Vanguardia announces that a “substantial” modification to the budget will be passed on October 23 to avoid a "cessation of payments". Meanwhile, the Commission has already provided €420 million to pay the most urgent bills. According to Dziennik Gazeta Prawna, it is highly unlikely that member states will assign the extra funds, as the problems faced by EU social programmes are caused by austerity measures running at 4 billion euros this year, introduced by the net contributors to the EU budget.
Erasmus is going bankrupt
4 October 2012
PresseuropLa Vanguardia, Dziennik Gazeta Prawna
- Comment“EU runs out of funding for Erasmus grants,” writes La Vanguardia. Brussels is said to have called on contributions from member states to save the successful student exchange programme, as well as other projects such as the European Social Fund, European Structural Funds and research programmes, imbursements for which are made in the final months of the year. The Barcelona daily notes that Brussels –
... has defended the symbolic cause of Erasmus in its battle with EU capitals and MEPs, drawing their attention to the problems implied by past and future cuts, especially in those countries with economic problems such as Spain, whose universities are the first for incoming EU students on grants.
Quoted by EUbusiness.com, Alain Lamassoure, head of the European Parliament budget committee, has warned that –
Lamassoure estimates the deficits at €10 billion, which makes it likely in the coming weeks that Budget Comissioner Janusz Lewandowski will ask member states for “several billion euros” extra to close the gap, reports Dziennik Gazeta Prawna.
... the European Social Fund is bankrupt and cannot refund member states. Next week it will be Erasmus, the student programme; at the end of the month, the Research and Innovation Fund.
Although the European Commission has not confirmed the figures given by Lamassoure, La Vanguardia announces that a “substantial” modification to the budget will be passed on October 23 to avoid a "cessation of payments". Meanwhile, the Commission has already provided €420 million to pay the most urgent bills. According to Dziennik Gazeta Prawna, it is highly unlikely that member states will assign the extra funds, as the problems faced by EU social programmes are caused by austerity measures running at 4 billion euros this year, introduced by the net contributors to the EU budget.
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Re: New EC Thread
Panda Sun 7 Oct - 10:46
For many years the EU Accounts could not be signed off by the Auditors because they couldn't reconcile the figures. The non Euro Countries are being asked to make up the shortfall but isn't it time the EU adopted an austerity programme as well as Countries struggling with their debt.? Most watchers know that the EU is a bulging non elected body with no control over it's finances and MEP's have no influence with regard to decision making.
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Re: New EC Thread
Panda Sun 7 Oct - 11:20
EconomyEuro
Spain
Madrid wants to speed up banking sector clean-up
29 August 2012
PresseuropCinco Días
Shared 41 times in 10 languages
Cinco Días, 29 August 2012
"Hurry up with the ‘bad bank’” says Cinco Días. The creation of a structure for the toxic assets of the Spanish banks, mainly related to real estate investments, was ordered by the Eurogroup on July 20 as a condition of allowing Spain access to a €100 billion bank bailout fund. But the complexity of the project threatens to delay its implementation, due by the end of August, notes the business daily.
The Spanish government has sent a draft of the decree creating the “bad bank” to Brussels and is dealing with banks in Spain to speed up the process of transferring assets once the new structure is created.
Madrid wants to create its “bad bank” more quickly than the two years it took Ireland to create its toxic asset institution. "The effort to document [all the data on bank assets] now demanded by the governor of the Bank of Spain, Luis Maria Linde, could drastically change these estimates," said La Vanguardia. According to the Spanish auditors’ association, the four audited banks – Bankia, Novagalicia, Catalunya Caixa and Banco de Valencia – have accumulated real estate worth €67 billion and these toxic assets could be ready to be transferred to the “bad bank” in around three months.
Meanwhile The Daily Telegraph reports that Spanish commercial banks saw €74bn withdrawn during July, according to data from the European Central Bank. This is twice the previous monthly record. The daily added –
Spain
Madrid wants to speed up banking sector clean-up
29 August 2012
PresseuropCinco Días
Shared 41 times in 10 languages
Cinco Días, 29 August 2012
"Hurry up with the ‘bad bank’” says Cinco Días. The creation of a structure for the toxic assets of the Spanish banks, mainly related to real estate investments, was ordered by the Eurogroup on July 20 as a condition of allowing Spain access to a €100 billion bank bailout fund. But the complexity of the project threatens to delay its implementation, due by the end of August, notes the business daily.
The Spanish government has sent a draft of the decree creating the “bad bank” to Brussels and is dealing with banks in Spain to speed up the process of transferring assets once the new structure is created.
Madrid wants to create its “bad bank” more quickly than the two years it took Ireland to create its toxic asset institution. "The effort to document [all the data on bank assets] now demanded by the governor of the Bank of Spain, Luis Maria Linde, could drastically change these estimates," said La Vanguardia. According to the Spanish auditors’ association, the four audited banks – Bankia, Novagalicia, Catalunya Caixa and Banco de Valencia – have accumulated real estate worth €67 billion and these toxic assets could be ready to be transferred to the “bad bank” in around three months.
Meanwhile The Daily Telegraph reports that Spanish commercial banks saw €74bn withdrawn during July, according to data from the European Central Bank. This is twice the previous monthly record. The daily added –
It is unclear how much of the deposit loss is capital flight, either to German banks or other safe-haven assets such as London property. The Bank of Spain said the fall is distorted by the July effect of tax payments and by the expiry of securitised funds.
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Re: New EC Thread
Panda Sun 7 Oct - 11:27
Cameron Makes Veto Pledge On EU Budget
David Cameron vows to use Britain's veto to block the EU budget, if it is not in the UK interest, as his party's conference opens.
7:35am UK, Sunday 07 October 2012
Video: PM Faces Challenging Conference
Enlarge
Peter Spencer discusses David Cameron's pledge to use Britain's veto to block the European Union budget if it is not in the UK interest.
Video: Sky's Peter Spencer on the PM's veto pledge
Enlarge
David Cameron vows to use Britain's veto to block the EU budget, if it is not in the UK interest, as his party's conference opens.
7:35am UK, Sunday 07 October 2012
Video: PM Faces Challenging Conference
Enlarge
Peter Spencer discusses David Cameron's pledge to use Britain's veto to block the European Union budget if it is not in the UK interest.
Video: Sky's Peter Spencer on the PM's veto pledge
Enlarge
David Cameron has said he would use Britain's "veto" a second time if he feels Europe's seven-year spending plan is too high.
As the Conservative Party conference opened in Birmingham, the Prime Minister said he was prepared to halt next month's budget talks if EU leaders refuse to cut spending.
Mr Cameron said he would not stand for "outrageous" attempts to increase the overall EU budget in negotiations on spending for the period 2014 to 2020.
"If it comes to saying, 'No' to a deal that isn't right for Britain, I'll say, 'No,'" he said in an interview with The Sunday Telegraph.
The Prime Minister also confirmed this time he has his Deputy PM Nick Clegg's blessing on the issue. The Liberal Democrats reacted with dismay when Mr Cameron used Britain's veto to oppose the EU fiscal pact last December.
Mr Cameron has also proposed a "bold thinking" plan for the EU to have two separate budgets - one for the 17 eurozone nations and the other for the 10 - including Britain - outside the single currency.
Such a plan is likely to prove highly popular with Conservative MPs who have been pressing for a referendum on Britain's future in the EU.
Mr Cameron and his wife arrived in Birmingham on Saturday night
Mr Cameron faces a potentially tricky week with the party trailing Labour in the polls and the economy mired in recession.
The Prime Minister has also made clear he was not ready to concede the political centre ground to Ed Miliband after the Labour leader's party conference speech claiming his was the true "One Nation" party.
He also dismissed Liberal Democrat demands for a "mansion tax" and benefit cuts for wealthy pensioners as part of efforts to tackle the deficit.
But the Prime Minister signalled that the coalition would be targeting the rich with new measures to help balance the books.
Interviewed on the Andrew Marr Show as the Conservatives kicked off a potentially tricky conference in Birmingham, Mr Cameron dodged questions about his plans.
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Re: New EC Thread
Badboy Sun 7 Oct - 12:25
EUROPEAN SOCIAL FUND BANKRUPT?
INTERESTING BECAUSE I SAW A ESF LOGO AT MY WORKFARE CONTRACTOR WHO I NEVER HEARD BACK FROM.
MAYBE THE EU SHOULD AUDIT THE WORKFARE CONTRACTORS TO SEE IF THEY ARE USING THE MONEY RIGHT.
MAYBE I SHOULD PUT IN A COMPLAINT TO THE EU COMMISSION OF WHAT THE POINT OF GIVING WORKFARE PROVIDERS MONEY IF THEY ARE NOT DOING THEIR JOB.
I HAVE FORGOTTEN WHAT ELSE I WANT TO SAY.(MAYBE THEY CHECK FUNDS ARE BEING USED WELL,MIGHT HAVE BEEN THAT)
INTERESTING BECAUSE I SAW A ESF LOGO AT MY WORKFARE CONTRACTOR WHO I NEVER HEARD BACK FROM.
MAYBE THE EU SHOULD AUDIT THE WORKFARE CONTRACTORS TO SEE IF THEY ARE USING THE MONEY RIGHT.
MAYBE I SHOULD PUT IN A COMPLAINT TO THE EU COMMISSION OF WHAT THE POINT OF GIVING WORKFARE PROVIDERS MONEY IF THEY ARE NOT DOING THEIR JOB.
I HAVE FORGOTTEN WHAT ELSE I WANT TO SAY.(MAYBE THEY CHECK FUNDS ARE BEING USED WELL,MIGHT HAVE BEEN THAT)
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Re: New EC Thread
Panda Sun 7 Oct - 12:28
Hollande, Monti Push Leaders for January Bank Union Start
By Helene Fouquet, Karl Stagno Navarra and Andrew Frye - Oct 5, 2012 11:05 PM GMT+0100
French President Francois Hollandeand Italian Prime Minister Mario Monti are pressing countries including Germany and Finland to drop resistance to the European Union’s plan to implement common banking supervision on Jan. 1.
Hollande and Monti were joined by the prime ministers ofSpain, Portugal and Malta yesterday in calling for progress at the region’s summit in Brussels Oct. 18-19.
“The next European Council must pave the way towards the establishment of a single European banking supervision system, to be decided before the end of the year and operational by January 2013,” the five leaders said in a joint statement after meeting in La Valletta, Malta. Jose Barroso, president of the European Commission, also participated in the meeting.
Hollande and Monti are rebuffing calls by some policy makers, including German Finance Minister Wolfgang Schaeuble, to slow down the process of passing bank supervision from national authorities to the European Central Bank. EU leaders called for the single supervisor in June as a condition for allowing banks in the 17-nation euro area direct access to the 500 billion-euro ($651 billion) permanent bailout fund, the European Stability Mechanism.
“We are particularly in agreement,” Monti told reporters, in reference to the banking union timeline, after the meeting.
Deeper Integration
Hollande, Monti and Spanish Prime Minister Mariano Rajoyare pushing for deeper integration among European governments to counter the region’s sovereign debt crisis. Schaeuble and his counterparts from Finland and the Netherlands are seeking to shield the common regulator from being burdened by troubled banks. Schaeuble said Sept. 15 that banks should be subjected to stress tests before passing under ECB supervision.
The leaders also discussed the EU’s bond-buying mechanism as pressure mounts on Rajoy to request the support.
“For the moment, Spain hasn’t taken any decision,” Rajoy told journalists in Malta. “The only thing I will say is that the decision will be taken when the time is right and when we know what the conditions will be.”
ECB President Mario Draghi said Oct. 4 the central bank is preparing a legal opinion on the single-supervisor proposal to spell out accountability channels and ensure a “clear and robust” separation of bank oversight and monetary policy decisions. He said the central bank welcomes the plan, seeing it as “one of the fundamental pillars of a financial union” and an important building block for the euro area.
Pivotal Role
The issue is likely to play a pivotal role on whether the ESM is able to aid banks directly and free countries such as Spain and Ireland from the burden of propping up their financial sectors. When EU leaders announced plans to create the single supervisor in June, they explicitly said the goal was to combat the crisis by breaking the link between banks and sovereigns.
“We need to work to make the banking union ready by the end of the year,” Hollande told reporters.
Luxembourg Finance Minister Luc Frieden said the EU must study the effects a joint supervisor would have across the 27-nation EU, including on countries within the region’s single market that won’t take part in the banking plan. He predicted at least six months of technical work would be required.
Sweden, Poland and Hungary, which don’t use the euro, have voiced objections to the bank-supervision plan, saying its current design would require them to give up power without gaining a clear voice in decision-making. As currently proposed, non-euro nations can volunteer to join the ECB and would agree to follow ECB rules and exchange data without getting a vote on supervisory panels
By Helene Fouquet, Karl Stagno Navarra and Andrew Frye - Oct 5, 2012 11:05 PM GMT+0100
French President Francois Hollandeand Italian Prime Minister Mario Monti are pressing countries including Germany and Finland to drop resistance to the European Union’s plan to implement common banking supervision on Jan. 1.
Hollande and Monti were joined by the prime ministers ofSpain, Portugal and Malta yesterday in calling for progress at the region’s summit in Brussels Oct. 18-19.
“The next European Council must pave the way towards the establishment of a single European banking supervision system, to be decided before the end of the year and operational by January 2013,” the five leaders said in a joint statement after meeting in La Valletta, Malta. Jose Barroso, president of the European Commission, also participated in the meeting.
Hollande and Monti are rebuffing calls by some policy makers, including German Finance Minister Wolfgang Schaeuble, to slow down the process of passing bank supervision from national authorities to the European Central Bank. EU leaders called for the single supervisor in June as a condition for allowing banks in the 17-nation euro area direct access to the 500 billion-euro ($651 billion) permanent bailout fund, the European Stability Mechanism.
“We are particularly in agreement,” Monti told reporters, in reference to the banking union timeline, after the meeting.
Deeper Integration
Hollande, Monti and Spanish Prime Minister Mariano Rajoyare pushing for deeper integration among European governments to counter the region’s sovereign debt crisis. Schaeuble and his counterparts from Finland and the Netherlands are seeking to shield the common regulator from being burdened by troubled banks. Schaeuble said Sept. 15 that banks should be subjected to stress tests before passing under ECB supervision.
The leaders also discussed the EU’s bond-buying mechanism as pressure mounts on Rajoy to request the support.
“For the moment, Spain hasn’t taken any decision,” Rajoy told journalists in Malta. “The only thing I will say is that the decision will be taken when the time is right and when we know what the conditions will be.”
ECB President Mario Draghi said Oct. 4 the central bank is preparing a legal opinion on the single-supervisor proposal to spell out accountability channels and ensure a “clear and robust” separation of bank oversight and monetary policy decisions. He said the central bank welcomes the plan, seeing it as “one of the fundamental pillars of a financial union” and an important building block for the euro area.
Pivotal Role
The issue is likely to play a pivotal role on whether the ESM is able to aid banks directly and free countries such as Spain and Ireland from the burden of propping up their financial sectors. When EU leaders announced plans to create the single supervisor in June, they explicitly said the goal was to combat the crisis by breaking the link between banks and sovereigns.
“We need to work to make the banking union ready by the end of the year,” Hollande told reporters.
Luxembourg Finance Minister Luc Frieden said the EU must study the effects a joint supervisor would have across the 27-nation EU, including on countries within the region’s single market that won’t take part in the banking plan. He predicted at least six months of technical work would be required.
Sweden, Poland and Hungary, which don’t use the euro, have voiced objections to the bank-supervision plan, saying its current design would require them to give up power without gaining a clear voice in decision-making. As currently proposed, non-euro nations can volunteer to join the ECB and would agree to follow ECB rules and exchange data without getting a vote on supervisory panels
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Re: New EC Thread
Panda Mon 8 Oct - 10:20
Euro Finance Chiefs to Give Positive Greece Statement, Rehn Says
By Kati Pohjanpalo - Oct 7, 2012 11:00 PM GMT+0100
“It’s important that this can be concluded in the coming weeks,” Rehn said in an interview in Helsinki on Oct. 6.“Negotiations have progressed well in the past few days and last night. This is why I assume and expect the euro-group to give a positive and supportive statement on Greece’s progress.”
Enlarge image
EU Commissioner for Economic and Monetary Affairs Olli Rehn
Peter Foley/Bloomberg
European Union Commissioner for Economic and Monetary Affairs Olli Rehn said, “It will take some time before the report can be finalized as it takes more work than simply an agreement over the measures Greece commits to to balance its budget and carry out structural reforms.”
European Union Commissioner for Economic and Monetary Affairs Olli Rehn said, “It will take some time before the report can be finalized as it takes more work than simply an agreement over the measures Greece commits to to balance its budget and carry out structural reforms.” Photographer: Peter Foley/Bloomberg
Negotiations between the government of Prime Minister Antonis Samaras and Greece’s official lenders stalled amid Greek reluctance to sign off on more pension and wage cuts as the nation suffers a fifth year of recession. Greece needs to find spending cuts to maintain access to 240 billion euros ($313 billion) in rescue funds and is trying to reach an agreement with its official lenders to release the next payment of 31 billion euros. The funds would primarily be used to recapitalize Greek banks and boost liquidity in the cash-starved economy.
“It will take some time before the report can be finalized as it takes more work than simply an agreement over the measures Greece commits to to balance its budget and carry out structural reforms,” Rehn said.
Deadlines Past
Greek Finance Minister Yannis Stournaras told reporters inAthens this weekend that his government made progress on talks with the European Union and International Monetary Fund on a 13.5 billion-euro package of austerity measures for the next two years. Talks will continue this week, he said on Oct. 6.
Greece’s statistical service said last week that the economy shrank 7.1 percent last year, more than the 6.9 percent previously thought.
Two bailouts and the biggest debt write-off in history have so far failed to halt Greece’s recessionary slide, promptingChristine Lagarde, the IMF’s managing director, to signal last month that another writedown might need to be considered. GermanChancellor Angela Merkel is due to visit Athens tomorrow.
“The deadlines are already past, around the time of the Greek elections and it’s important that this be concluded in the coming weeks,” Rehn said.
By Kati Pohjanpalo - Oct 7, 2012 11:00 PM GMT+0100
- finance ministers meeting today are likely to make a positive statement on Greece’s progress toward meeting austerity targets needed to free the nation’s next bailout payment, European Union Commissioner for Economic and Monetary Affairs Olli Rehn said.
“It’s important that this can be concluded in the coming weeks,” Rehn said in an interview in Helsinki on Oct. 6.“Negotiations have progressed well in the past few days and last night. This is why I assume and expect the euro-group to give a positive and supportive statement on Greece’s progress.”
Enlarge image
EU Commissioner for Economic and Monetary Affairs Olli Rehn
Peter Foley/Bloomberg
European Union Commissioner for Economic and Monetary Affairs Olli Rehn said, “It will take some time before the report can be finalized as it takes more work than simply an agreement over the measures Greece commits to to balance its budget and carry out structural reforms.”
European Union Commissioner for Economic and Monetary Affairs Olli Rehn said, “It will take some time before the report can be finalized as it takes more work than simply an agreement over the measures Greece commits to to balance its budget and carry out structural reforms.” Photographer: Peter Foley/Bloomberg
Negotiations between the government of Prime Minister Antonis Samaras and Greece’s official lenders stalled amid Greek reluctance to sign off on more pension and wage cuts as the nation suffers a fifth year of recession. Greece needs to find spending cuts to maintain access to 240 billion euros ($313 billion) in rescue funds and is trying to reach an agreement with its official lenders to release the next payment of 31 billion euros. The funds would primarily be used to recapitalize Greek banks and boost liquidity in the cash-starved economy.
“It will take some time before the report can be finalized as it takes more work than simply an agreement over the measures Greece commits to to balance its budget and carry out structural reforms,” Rehn said.
Deadlines Past
Greek Finance Minister Yannis Stournaras told reporters inAthens this weekend that his government made progress on talks with the European Union and International Monetary Fund on a 13.5 billion-euro package of austerity measures for the next two years. Talks will continue this week, he said on Oct. 6.
Greece’s statistical service said last week that the economy shrank 7.1 percent last year, more than the 6.9 percent previously thought.
Two bailouts and the biggest debt write-off in history have so far failed to halt Greece’s recessionary slide, promptingChristine Lagarde, the IMF’s managing director, to signal last month that another writedown might need to be considered. GermanChancellor Angela Merkel is due to visit Athens tomorrow.
“The deadlines are already past, around the time of the Greek elections and it’s important that this be concluded in the coming weeks,” Rehn said.
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Re: New EC Thread
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Shift in Global Growth Engines Signals Gain After Pain
By Simon Kennedy and Rich Miller - Oct 8, 2012 12:01 AM GMT+0100
A revolution in the world economy targeted at revving up new growth engines ultimately will produce gain after pain.
Three years into recovery, with economies lumbered by debt and limited bank credit, policy makers are trying to segue to a more balanced expansion from the drivers and excesses that caused the worst recession in six decades. The U.S. is further along as it spurs manufacturing and exports, while trading giants Germany and China seek to fan domestic demand. Europe’s struggling states want to swap government largess for trade.
Enlarge image
IMF Managing Director Christine Lagarde
Andrew Harrer/Bloomberg
Christine Lagarde, managing director of the International Monetary Fund (IMF) said “The global economy is still fraught with uncertainty, still far from where it needs to be,”.
Christine Lagarde, managing director of the International Monetary Fund (IMF) said “The global economy is still fraught with uncertainty, still far from where it needs to be,”. Photographer: Andrew Harrer/Bloomberg
1:20:38
Sept. 24 (Bloomberg) -- International Monetary Fund Managing Director Christine Lagarde speaks about the global economy, the need for European policy makers to implement their plans to save the euro and form a banking union, and risks the U.S. poses through the fiscal tightening that may result next year. Lagarde, speaking in Washington, said uncertainty over the ability of policy makers around the world to deliver on their promises is weighing down on the global economy. (Source: Bloomberg)
13:06
Oct. 3 (Bloomberg) -- Nouriel Roubini, the New York University professor who predicted the 2008 financial crisis and Ian Bremmer, president of Eurasia Group, talk about the performance of the U.S. economy and outlook. They speak with Tom Keene and Sara Eisen on Bloomberg Television's "Surveillance." (Source: Bloomberg)
While the aim is more-sustainable growth -- and current-account trade data suggest a rebalancing is under way -- the rebirth is leaving the world low on power for now and still could fail if any of the regions don’t pull their weight. TheInternational Monetary Fund will underscore the risks when it revises down its outlook tomorrow.
“As you go through these adjustments, it’s quite painful,” said Jim O’Neill, chairman of Goldman Sachs Asset Management in London. “But coming out the other side with a different structure, we should have a much stronger world economy.”
A more even keel after the last credit-powered expansion would help the stocks of companies biased toward emerging-market consumers and U.S. manufacturing over those tied to commodities and infrastructure, said John Bilton, European investment strategist at Bank of America Merrill Lynch in London.
‘Changing Complexion’
“There is a changing complexion in global growth,” he said. “It ultimately means a more balanced world economy over the longer haul, but before then it will make it harder for various regions to withstand exogenous shocks and so business cycles are likely to be shorter.”
That chimes with the analysis of Deutsche Bank AG strategists, who say expansions now are more fragile and easily broken. Twenty-one of 25 key economies they monitored have suffered at least one quarter of economic contraction since the global financial crisis hit, and most in the developed world have yet to regain their previous gross domestic product peak.
How soon the global economy can right itself will be debated this week at the annual meeting in Tokyo of the IMF, which serves as the traffic cop for worldwide imbalances. Delegates will be greeted by the news that the lender anticipates even worse growth this year than the 3.5 percent it projected in July.
Lagarde Outlook
“The global economy is still fraught with uncertainty, still far from where it needs to be,” IMF Managing DirectorChristine Lagarde said Sept. 24.
Nobel laureate Paul Krugman said Oct. 3 the U.S. and Europe are “nowhere close to ending” the slump, and German-led austerity efforts may prompt a 1930s-syle depression. Nouriel Roubini, co-founder of Roubini Global Economics LLC, told“Bloomberg Surveillance” with Tom Keene on Oct. 3 that growth is still “anemic,” and major economies are “barely midstream” in deleveraging.
There are nevertheless signs that the downshift may mask a move toward new economic propellers after the last boom proved too reliant on Chinese exports, U.S. consumers and easy borrowing.
U.S. debt has shrunk to a six-year low relative to the size of the economy as homeowners, cities and companies cut borrowing, allowing the government to raise record amounts of money at the lowest interest rates ever.
Shrinking Deficit
The IMF estimates the U.S. current-account deficit will shrink to 3.1 percent of GDP next year from 6 percent in 2006, while China’s surplus will contract to 2.6 percent from 10.1 percent in 2007.
“Any evidence that those adjustments are under way is constructive,” O’Neill said.
Less confident is Stephen King, chief global economist at HSBC Holdings Plc in London, who says narrowing trade gaps reflect stagnating global demand. The World Trade Organizationlast month revised its forecasts to show cross-border commerce expanding 2.5 percent this year, down from its prior 3.7 percent estimate.
Recent rebalancing has “much more to do with economic weakness than strength,” King said.
C. Fred Bergsten, director of the Peterson Institute for International Economics in Washington and a former Treasury Department official, agrees.
By Simon Kennedy and Rich Miller - Oct 8, 2012 12:01 AM GMT+0100
A revolution in the world economy targeted at revving up new growth engines ultimately will produce gain after pain.
Three years into recovery, with economies lumbered by debt and limited bank credit, policy makers are trying to segue to a more balanced expansion from the drivers and excesses that caused the worst recession in six decades. The U.S. is further along as it spurs manufacturing and exports, while trading giants Germany and China seek to fan domestic demand. Europe’s struggling states want to swap government largess for trade.
Enlarge image
IMF Managing Director Christine Lagarde
Andrew Harrer/Bloomberg
Christine Lagarde, managing director of the International Monetary Fund (IMF) said “The global economy is still fraught with uncertainty, still far from where it needs to be,”.
Christine Lagarde, managing director of the International Monetary Fund (IMF) said “The global economy is still fraught with uncertainty, still far from where it needs to be,”. Photographer: Andrew Harrer/Bloomberg
1:20:38
Sept. 24 (Bloomberg) -- International Monetary Fund Managing Director Christine Lagarde speaks about the global economy, the need for European policy makers to implement their plans to save the euro and form a banking union, and risks the U.S. poses through the fiscal tightening that may result next year. Lagarde, speaking in Washington, said uncertainty over the ability of policy makers around the world to deliver on their promises is weighing down on the global economy. (Source: Bloomberg)
13:06
Oct. 3 (Bloomberg) -- Nouriel Roubini, the New York University professor who predicted the 2008 financial crisis and Ian Bremmer, president of Eurasia Group, talk about the performance of the U.S. economy and outlook. They speak with Tom Keene and Sara Eisen on Bloomberg Television's "Surveillance." (Source: Bloomberg)
While the aim is more-sustainable growth -- and current-account trade data suggest a rebalancing is under way -- the rebirth is leaving the world low on power for now and still could fail if any of the regions don’t pull their weight. TheInternational Monetary Fund will underscore the risks when it revises down its outlook tomorrow.
“As you go through these adjustments, it’s quite painful,” said Jim O’Neill, chairman of Goldman Sachs Asset Management in London. “But coming out the other side with a different structure, we should have a much stronger world economy.”
A more even keel after the last credit-powered expansion would help the stocks of companies biased toward emerging-market consumers and U.S. manufacturing over those tied to commodities and infrastructure, said John Bilton, European investment strategist at Bank of America Merrill Lynch in London.
‘Changing Complexion’
“There is a changing complexion in global growth,” he said. “It ultimately means a more balanced world economy over the longer haul, but before then it will make it harder for various regions to withstand exogenous shocks and so business cycles are likely to be shorter.”
That chimes with the analysis of Deutsche Bank AG strategists, who say expansions now are more fragile and easily broken. Twenty-one of 25 key economies they monitored have suffered at least one quarter of economic contraction since the global financial crisis hit, and most in the developed world have yet to regain their previous gross domestic product peak.
How soon the global economy can right itself will be debated this week at the annual meeting in Tokyo of the IMF, which serves as the traffic cop for worldwide imbalances. Delegates will be greeted by the news that the lender anticipates even worse growth this year than the 3.5 percent it projected in July.
Lagarde Outlook
“The global economy is still fraught with uncertainty, still far from where it needs to be,” IMF Managing DirectorChristine Lagarde said Sept. 24.
Nobel laureate Paul Krugman said Oct. 3 the U.S. and Europe are “nowhere close to ending” the slump, and German-led austerity efforts may prompt a 1930s-syle depression. Nouriel Roubini, co-founder of Roubini Global Economics LLC, told“Bloomberg Surveillance” with Tom Keene on Oct. 3 that growth is still “anemic,” and major economies are “barely midstream” in deleveraging.
There are nevertheless signs that the downshift may mask a move toward new economic propellers after the last boom proved too reliant on Chinese exports, U.S. consumers and easy borrowing.
U.S. debt has shrunk to a six-year low relative to the size of the economy as homeowners, cities and companies cut borrowing, allowing the government to raise record amounts of money at the lowest interest rates ever.
Shrinking Deficit
The IMF estimates the U.S. current-account deficit will shrink to 3.1 percent of GDP next year from 6 percent in 2006, while China’s surplus will contract to 2.6 percent from 10.1 percent in 2007.
“Any evidence that those adjustments are under way is constructive,” O’Neill said.
Less confident is Stephen King, chief global economist at HSBC Holdings Plc in London, who says narrowing trade gaps reflect stagnating global demand. The World Trade Organizationlast month revised its forecasts to show cross-border commerce expanding 2.5 percent this year, down from its prior 3.7 percent estimate.
Recent rebalancing has “much more to do with economic weakness than strength,” King said.
C. Fred Bergsten, director of the Peterson Institute for International Economics in Washington and a former Treasury Department official, agrees.
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Re: New EC Thread
Panda Mon 8 Oct - 14:34
8 October 2012 Last updated at 10:10
Share rescue fund launch due
Some believe the larger ESM will still not have enough firepower
Continue reading the main story
Eurozone crisis
The eurozone's new permanent fund to bail out struggling economies and banks will be launched later at a meeting of finance ministers.
The European Stability Mechanism (ESM) will have a full lending capacity of 500bn euros (£400bn; $650bn) by 2014.
It will initially run alongside, and then eventually replace, the European Financial Stability Facility (EFSF).
Europe's largest economy Germany will make the biggest contribution to the fund, about 27% of its total.
Finance ministers from the eurozone will meet later in Luxembourg to officially launch it, with countries making their first payments into the fund this week.
Its inauguration comes amid growing uncertainty over Greece's bailout and anticipation that Spain will also seek financial aid, although Madrid has so far denied that a bailout request is imminent.
Spain has already been granted help for its banks, and will receive up to 100bn euros to be targeted at its financial sector.
The temporary EFSF has already lent 190bn euros to Greece, the Republic of Ireland and Portugal.
Continue reading the main story
“Start Quote
Gavin Hewitt Europe editor
Some critics believe that the 500bn-euro firepower of the ESM will still not be large enough to save the eurozone.
"The good news is that by using the funding in a wise way to support bond purchases you can probably stretch that money quite a long way," Sarah Hewin, head of global research at Standard Chartered, told the BBC.
"The real concern is if Italy becomes involved, if there's a big shock to the system and a full bailout is required. Even 500bn euros isn't enough to cover Spain and Italy for a full three-year programme."
Share rescue fund launch due
Some believe the larger ESM will still not have enough firepower Continue reading the main story
Eurozone crisis
- Q&A: European Stability Mechanism
- Six burning questions for Spain
- Q&A: What went wrong in Spain?
- How eurozone crisis affects you
The eurozone's new permanent fund to bail out struggling economies and banks will be launched later at a meeting of finance ministers.
The European Stability Mechanism (ESM) will have a full lending capacity of 500bn euros (£400bn; $650bn) by 2014.
It will initially run alongside, and then eventually replace, the European Financial Stability Facility (EFSF).
Europe's largest economy Germany will make the biggest contribution to the fund, about 27% of its total.
Finance ministers from the eurozone will meet later in Luxembourg to officially launch it, with countries making their first payments into the fund this week.
Its inauguration comes amid growing uncertainty over Greece's bailout and anticipation that Spain will also seek financial aid, although Madrid has so far denied that a bailout request is imminent.
Spain has already been granted help for its banks, and will receive up to 100bn euros to be targeted at its financial sector.
The temporary EFSF has already lent 190bn euros to Greece, the Republic of Ireland and Portugal.
Continue reading the main story
“Start Quote
End Quote
Greece is heading into the sixth year of recession - there is no way it can reach the targets set for it”
Gavin Hewitt Europe editor Some critics believe that the 500bn-euro firepower of the ESM will still not be large enough to save the eurozone.
"The good news is that by using the funding in a wise way to support bond purchases you can probably stretch that money quite a long way," Sarah Hewin, head of global research at Standard Chartered, told the BBC.
"The real concern is if Italy becomes involved, if there's a big shock to the system and a full bailout is required. Even 500bn euros isn't enough to cover Spain and Italy for a full three-year programme."
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Re: New EC Thread
Panda Mon 8 Oct - 16:05
Merkel to Be Met by Anti-Austerity Protesters in Athens
By Paul Tugwell and Maria Petrakis - Oct 8, 2012 2:43 PM GMT+0100
Greek protesters are gearing up for German Chancellor Angela Merkel’s first visit to Athens since the financial crisis began, with plans for strikes, rallies and a petition demanding reparations for the Nazi occupation.
Greece’s need for bailouts and German-led conditions attached to emergency loans have made Merkel the face of austerity for Greeks. Merkel has been depicted in the Greek media wearing jackboots and an SS uniform. While Greek Prime Minister Antonis Samaras called the chancellor’s visit tomorrow a “very positive development,” opposition leaders are planning a show of anger and frustration after five years of recession.
Enlarge image
Merkel Arrival in Athens to Be Met by Anti-Austerity Protesters
Aris Messinis/AFP/Getty Images
A demonstrator holds a placard with a portrait of German Chancellor Angela Merkel in Athens during a 24-hours general strike on Sept. 26, 2012.
A demonstrator holds a placard with a portrait of German Chancellor Angela Merkel in Athens during a 24-hours general strike on Sept. 26, 2012. Photographer: Aris Messinis/AFP/Getty Images
“Mr. Samaras said we should welcome Mrs. Merkel as she deserves,” said Alexis Tsipras, head of the Syriza party, which finished second in June’s national elections. The prime minister has urged workers, the unemployed and young people to join the rallies, Tsipras said. “We completely agree.”
Samaras has warned that soaring unemployment and political unrest risk the kind of upheaval that undermined the Weimar Republic in post-World War I Germany and ushered in the Nazis. His coalition is currently negotiating a new round of budget cuts with representatives of the so-called troika of Greece’s international creditors, the European Union, the International Monetary Fund and the European Central Bank, to unlock the next aid payment to keep the country afloat.
Athens Walkout
GSEE and ADEDY, the umbrella organizations for private and public-sector unions, have called for a three-hour walkout tomorrow in the Athens metropolitan area and a rally in the center of the capital to protest Merkel’s visit. The two groups are also holding a protest gathering in Syntagma Square opposite parliament at 6 p.m. today.
Tsipras will participate in tomorrow’s union rally, accompanied by Bernd Riexinger, co-chairman of Germany’s Left party, and the two men will address protestors, Syriza said today.
Greek authorities today announced a ban on public gatherings and marches in most of central Athens tomorrow from 9 a.m. to 10 p.m., “for reasons of public safety and to preserve the social and economic life of the capital.” The union protest is scheduled to take place outside the prohibited zone.
Tsipras in a speech Oct. 6 urged Samaras to show Merkel the real Greece: “The 40 patients for each nurse, and then see if she asks for more state employees to be sacked. I propose she visit a commercial street so she can see the padlocks on stores. And then she can propose more austerity measures.”
Biggest Contributor
As the biggest contributor to bailout commitments totaling 240 billion euros ($311 billion), Germany rejects responsibility for Greece’s hardships.
“We want to help Greece stabilize within the euro zone,”Steffen Seibert, Merkel’s chief spokesman, said Oct. 5. “We do this by contributing massively to the rescue programs Greece I and Greece II.” Merkel last visited Greece in July 2007.
Greece’s economy is set to contract for a sixth year in 2013. The government is struggling to reach agreement with the troika on austerity measures to meet deficit-reduction targets that have been consistently missed.
The economic downturn has been the worst since World War II, sparking memories of the Nazi occupation and outbursts at even the highest levels of the Greek government as German officials have pressed for more austerity measures.
Angry Presidential Response
As talks on a second bailout stalled in February, criticism by German Finance Minister Wolfgang Schaeuble of Greek politicians provoked an angry response from President Karolos Papoulias, 83, a former resistance fighter.
“I don’t accept insults to my country by Mr. Schaeuble, I don’t accept it as a Greek,” Papoulias said. “We always had the pride to defend not just our own freedom, not just our own country, but the freedom of all of Europe.”
Invaded first by Mussolini’s Italy and then by Nazi Germany, Greece was forced to finance its own occupation, paying war loans to Hitler’s Reich. Hyperinflation and a famine ensued under German occupation.
More than 500,000 Greeks, or 7 percent of the population, died between October 1940 and October 1944, 260,000 of them from hunger and malnutrition. A Time magazine report in 1942 labeled Greece “the hungriest country.” Bread cost $15 a loaf.
Syriza lawmaker Manolis Glezos and the late Apostolos Santas are considered heroes for climbing the Acropolis as young men in May 1941 to tear down the swastika, considered the first resistance act in Greece under the Nazi occupation.
Reparations Demands
Independent Greeks, formed by lawmakers who broke from Samaras’s New Democracy party, made the demand that Germany pay reparations part of their election campaign in May and June.
Now the fourth-largest parliamentary group, Independent Greeks called Oct. 5 for a protest outside the German embassy in Athens during the chancellor’s visit. They planned to hand the German ambassador a petition outlining the party’s opposition to Merkel “transforming Greece into a German protectorate” and calling for war reparations and “the return of an occupation loan,” the party said.
Independent Greeks were today forced to cancel the protest due to the ban on public gatherings, a move the group called“unconstitutional” and “undemocratic.” The German embassy lies within the prohibited zone.
The Greek Finance Ministry has set up a committee to calculate for the first time the country’s World War II claims against Germany. Estimates vary, with a group of 28 lawmakers who petitioned parliament on the issue in February saying Germany should pay 54 billion euros and the Golden Dawn party demanding 510 billion euros.
German Treaty Payments
Germany paid 115 million deutsche marks to Greek victims of Nazi crimes under a 1960 treaty, in addition to funds paid to victims of forced labor under the Third Reich, German Foreign Ministry spokesman Andreas Peschke told reporters in 2010. Germany’s Constitutional Court ruled in March 2006 it didn’t have to pay compensation to individuals seeking damages for war crimes committed during World War II.
“The German reparations are a particularly complex legal issue,” Deputy Finance Minister Christos Staikouras said Sept. 4. “The case is still outstanding, and as a country we reserve the right and the possibility to manage it to a satisfactory conclusion
By Paul Tugwell and Maria Petrakis - Oct 8, 2012 2:43 PM GMT+0100
Greek protesters are gearing up for German Chancellor Angela Merkel’s first visit to Athens since the financial crisis began, with plans for strikes, rallies and a petition demanding reparations for the Nazi occupation.
Greece’s need for bailouts and German-led conditions attached to emergency loans have made Merkel the face of austerity for Greeks. Merkel has been depicted in the Greek media wearing jackboots and an SS uniform. While Greek Prime Minister Antonis Samaras called the chancellor’s visit tomorrow a “very positive development,” opposition leaders are planning a show of anger and frustration after five years of recession.
Enlarge image
Merkel Arrival in Athens to Be Met by Anti-Austerity Protesters
Aris Messinis/AFP/Getty Images
A demonstrator holds a placard with a portrait of German Chancellor Angela Merkel in Athens during a 24-hours general strike on Sept. 26, 2012.
A demonstrator holds a placard with a portrait of German Chancellor Angela Merkel in Athens during a 24-hours general strike on Sept. 26, 2012. Photographer: Aris Messinis/AFP/Getty Images
“Mr. Samaras said we should welcome Mrs. Merkel as she deserves,” said Alexis Tsipras, head of the Syriza party, which finished second in June’s national elections. The prime minister has urged workers, the unemployed and young people to join the rallies, Tsipras said. “We completely agree.”
Samaras has warned that soaring unemployment and political unrest risk the kind of upheaval that undermined the Weimar Republic in post-World War I Germany and ushered in the Nazis. His coalition is currently negotiating a new round of budget cuts with representatives of the so-called troika of Greece’s international creditors, the European Union, the International Monetary Fund and the European Central Bank, to unlock the next aid payment to keep the country afloat.
Athens Walkout
GSEE and ADEDY, the umbrella organizations for private and public-sector unions, have called for a three-hour walkout tomorrow in the Athens metropolitan area and a rally in the center of the capital to protest Merkel’s visit. The two groups are also holding a protest gathering in Syntagma Square opposite parliament at 6 p.m. today.
Tsipras will participate in tomorrow’s union rally, accompanied by Bernd Riexinger, co-chairman of Germany’s Left party, and the two men will address protestors, Syriza said today.
Greek authorities today announced a ban on public gatherings and marches in most of central Athens tomorrow from 9 a.m. to 10 p.m., “for reasons of public safety and to preserve the social and economic life of the capital.” The union protest is scheduled to take place outside the prohibited zone.
Tsipras in a speech Oct. 6 urged Samaras to show Merkel the real Greece: “The 40 patients for each nurse, and then see if she asks for more state employees to be sacked. I propose she visit a commercial street so she can see the padlocks on stores. And then she can propose more austerity measures.”
Biggest Contributor
As the biggest contributor to bailout commitments totaling 240 billion euros ($311 billion), Germany rejects responsibility for Greece’s hardships.
“We want to help Greece stabilize within the euro zone,”Steffen Seibert, Merkel’s chief spokesman, said Oct. 5. “We do this by contributing massively to the rescue programs Greece I and Greece II.” Merkel last visited Greece in July 2007.
Greece’s economy is set to contract for a sixth year in 2013. The government is struggling to reach agreement with the troika on austerity measures to meet deficit-reduction targets that have been consistently missed.
The economic downturn has been the worst since World War II, sparking memories of the Nazi occupation and outbursts at even the highest levels of the Greek government as German officials have pressed for more austerity measures.
Angry Presidential Response
As talks on a second bailout stalled in February, criticism by German Finance Minister Wolfgang Schaeuble of Greek politicians provoked an angry response from President Karolos Papoulias, 83, a former resistance fighter.
“I don’t accept insults to my country by Mr. Schaeuble, I don’t accept it as a Greek,” Papoulias said. “We always had the pride to defend not just our own freedom, not just our own country, but the freedom of all of Europe.”
Invaded first by Mussolini’s Italy and then by Nazi Germany, Greece was forced to finance its own occupation, paying war loans to Hitler’s Reich. Hyperinflation and a famine ensued under German occupation.
More than 500,000 Greeks, or 7 percent of the population, died between October 1940 and October 1944, 260,000 of them from hunger and malnutrition. A Time magazine report in 1942 labeled Greece “the hungriest country.” Bread cost $15 a loaf.
Syriza lawmaker Manolis Glezos and the late Apostolos Santas are considered heroes for climbing the Acropolis as young men in May 1941 to tear down the swastika, considered the first resistance act in Greece under the Nazi occupation.
Reparations Demands
Independent Greeks, formed by lawmakers who broke from Samaras’s New Democracy party, made the demand that Germany pay reparations part of their election campaign in May and June.
Now the fourth-largest parliamentary group, Independent Greeks called Oct. 5 for a protest outside the German embassy in Athens during the chancellor’s visit. They planned to hand the German ambassador a petition outlining the party’s opposition to Merkel “transforming Greece into a German protectorate” and calling for war reparations and “the return of an occupation loan,” the party said.
Independent Greeks were today forced to cancel the protest due to the ban on public gatherings, a move the group called“unconstitutional” and “undemocratic.” The German embassy lies within the prohibited zone.
The Greek Finance Ministry has set up a committee to calculate for the first time the country’s World War II claims against Germany. Estimates vary, with a group of 28 lawmakers who petitioned parliament on the issue in February saying Germany should pay 54 billion euros and the Golden Dawn party demanding 510 billion euros.
German Treaty Payments
Germany paid 115 million deutsche marks to Greek victims of Nazi crimes under a 1960 treaty, in addition to funds paid to victims of forced labor under the Third Reich, German Foreign Ministry spokesman Andreas Peschke told reporters in 2010. Germany’s Constitutional Court ruled in March 2006 it didn’t have to pay compensation to individuals seeking damages for war crimes committed during World War II.
“The German reparations are a particularly complex legal issue,” Deputy Finance Minister Christos Staikouras said Sept. 4. “The case is still outstanding, and as a country we reserve the right and the possibility to manage it to a satisfactory conclusion
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Re: New EC Thread
Panda Mon 8 Oct - 16:46
Turning Euro Crisis Into Votes
By Tony Czuczka and Leon Mangasarian - Oct 2, 2012 11:00 PM GMT+0100
Three days before East and West Germany reunited in 1990, Angela Merkel made an acquaintance that was to put her on the path to power.
Enlarge image
Merkel Emulates Kohl German Unity Turning Euro Crisis Into Votes
Sean Gallup/Getty Images
German Chancellor Angela Merkel arrives at the Bundestag commission in Berlin, on Sept. 27, 2012.
German Chancellor Angela Merkel arrives at the Bundestag commission in Berlin, on Sept. 27, 2012. Photographer: Sean Gallup/Getty Images
12:27
Sept. 24 (Bloomberg) -- Michael Meister, the deputy chairman of German Chancellor Angela Merkel's Christian Democrats Party, talks about the prospect of an aid program for Spain, a European banking union and Greece's bailout conditions. He speaks from Berlin with Bloomberg Television's Maryam Nemazee. (Source: Bloomberg)
An East German scientist propelled into politics by the fall of the Berlin Wall and the communist regime’s collapse, Merkel wangled an audience with Helmut Kohl at a party event in Hamburg. Within four months, Kohl had ridden German reunification to a landslide third election victory and Merkel secured a post in his Cabinet.
Just as Kohl knew what Germans on both sides of the border wanted when they united 22 years ago today, Merkel is tuned in to voters who balk at paying the price of the united Europe Kohl brought about. While her peers in France, Italy and Spain have been removed in the three years since the debt crisis emerged in Greece, Merkel’s ability to channel domestic public opinion paired with a still-expanding economy led polling company Forsa to conclude that she looks unbeatable before 2013 elections.
“The crisis makes people rally behind Merkel,” Gerd Languth, a historian and professor of politics at the University of Bonn whose 2005 biography of the chancellor documents her meeting with Kohl, said by phone. “People see her as being on top of the issues and the only one who can solve the problems.”
Sarkozy Unseated
Bucking the crisis that has unseated contemporaries including her ally French President Nicolas Sarkozy is shaping up to be the theme of Merkel’s campaign for the election due next fall. Its resonance with voters will determine whether she emulates Kohl and serves a third term. Outside the 17-nation euro area, U.K. Prime Minister David Cameron’s Conservatives trail the opposition Labour Party by as many as 10 percentage points as he pushes the deepest budget cuts since World War II.
Voters credit Merkel for ensuring Germany is “the only economic safe haven in Europe,” Horst Teltschik, Kohl’s deputy chief of staff and a key adviser on German reunification, said in a telephone interview. “There are no other strong leaders in Europe.” Merkel is “the rock at the center of the euro-crisis storm.”
Merkel’s speeches channel Germans’ historical aversion to debt and profligacy forged in the aftermath of two world wars and marry them to Kohl’s legacy of a more integrated Europe. She’s seen to be “holding the line on debt mutualization” while finding a “middle way” on Europe, said Langguth. Vilification of Merkel with headlines and placards comparing her with Hitler only makes Germans swing behind her, he said.
Robots to China
Merkel, 58, the key political player in nearly three years of crisis-fighting, is aided by an economy that has yet to bear the scars of the turmoil dealt to fellow euro members.
Buoyed by growth in China and the U.S., Volkswagen AG, Daimler AG, and Bayerische Motoren Werke AG (BMW) have so far proved resilient to the plunge in sales that has plagued European rivals such as PSA Peugeot Citroen of France and Italy’s Fiat SpA. Kuka AG of Augsburg, Europe’s biggest maker of assembly- line robots, raised its outlook for 2012 as it expands in China. Germany’s 30-member benchmark DAX index is up almost 25 percent this year compared with a near 11 percent rise in the Dow Jones Industrial Average.
In Spain and Greece, the crisis front line, unemployment is touching 25 percent; even across the Rhine in France joblessness is at a 13-year high. In Germany, Europe’s biggest economy, it is at a two-decade low. While all Europe tightens its belt in fear of the future, Germans’ satisfaction with their economic situation was at an 11-year high in July, FG Wahlen found.
Steinbrueck’s Challenge
Merkel’s edge over three opposition leaders is now so wide in a Forsa poll that she “appears unbeatable” a year from the election, Stern magazine said Sept. 19. Peer Steinbrueck, Merkel’s first-term finance minister who was nominated on Oct. 1 as her main challenger, trails her approval rating by 22 percentage points. She is Germany’s most popular politician and her approval rating is hovering near the highest since November 2009, a separate FG Wahlen poll released Sept. 28 showed.
The chancellor hasn’t offered her political foes much space to land blows as she preaches budget cuts for the euro area, refuses to underwrite the region’s debt with German economic might and barely acknowledges anti-austerity protests from Greece to Spain. Instead she tells weaker euro countries there’s no prosperity without pain.
“We remain true to our philosophy of no help without something in return,” she said in Brussels in June. That followed an all-night European Union summit at which Merkel fended off pressure from Italy and Spain for direct bank bailouts and government-backed buying of sovereign bonds.
More Kohl
Polls indicate that German voters like it when Merkel lays down her doctrine and holds the line against the euro area’s southern tier. Merkel is now getting higher approval ratings than Kohl ever did, said Matthias Jung, Mannheim-based FG Wahlen’s director.
“A growing part of the population realizes that there is no shining solution and that the crisis requires constantly defending German interests,” Jung said in an interview. Merkel is successfully defining herself in voters’ eyes as guardian of “the politics of common sense.”
The crisis has not always worked to her advantage. Re- elected in September 2009, Merkel’s personal and party popularity plunged after the first bailout for Greece in May 2010, leading to a run of state vote defeats. She took months to craft a policy meshing national interest with Germans’ desire after wartime devastation to be good Europeans.
Tipping Point
The turning point came in December 2011 as she persuaded all but two of the EU’s members to sign up to her fiscal pact locking in common budget rules. From a low of 29 percent in a Forsa poll in 2010, her Christian Democratic bloc soared to a four-year high of 39 percent in August. Her bloc won 33.8 percent in the last national election on Sept. 27, 2009.
That trajectory brings Merkel closer to Kohl, who was first elected West German chancellor 30 years ago this week. In 1989, seven years into office, his popularity was languishing when he seized the opportunity provided by the fall of the Berlin Wall to push for a reunited Germany, winning a landslide victory in the first post-unification German elections in December 1990.
Merkel sought out Kohl two months previously at a party convention organized to formally unite Christian Democratic organizations in the two parts of Germany before Unification Day on Oct. 3, Langguth said in his biography, which comprises interviews with Merkel and her contemporaries. Merkel and Kohl met at the press party on the eve of the convention and had “a relatively long talk that evidently impressed Kohl,” he wrote.
Law Breaker
Germans voted Kohl out in 1998 after a record 16 years in office, and Merkel broke with her one-time mentor the next year when he refused to identify secret campaign donors. Writing in the Frankfurter Allgemeine Zeitung newspaper, Merkel said he had broken the law and caused damage to the party he led for a quarter-century.
Now publicly reconciled, Kohl, who agreed in 1992 to give up the deutsche mark for the euro, passed the baton of his legacy on to a new generation at a Sept. 27 gala at Berlin’s German Historical Museum attended by his former protégée.
“Let us make good use of time,” Kohl, now 82 and in a wheelchair, said at the event, where he described Europe as a “grand goal” that others now have to carry forward. “Let us get going.”
A pastor’s daughter, Merkel’s austere Lutheran manner may fit the times even more than Kohl, the wine-loving West German who seized the moment and allayed fears of a bigger Germany with personal diplomacy. Merkel, seeking to extend her chancellorship to 12 years, told Kohl at the Berlin ceremony that he “defined an era.”
Eastern Collapse
Merkel cites East Germany’s economic collapse after decades of rot as a defining moment. Her methodical, home-spun image is part of her appeal as Germans contemplate their position as the chief underwriter of 386 billion euros ($500 billion) in pledges for Greece, Ireland and Portugal plus as much as another 100 billion euros for Spain’s banks -- with a sovereign rescue for Spain possibly ahead. The 700 billion-euro permanent bailout fund, the European Stability Mechanism, comes on top.
“I like to read files,” Merkel said in Berlin on Sept. 26. She relishes cooking with her physicist husband at her rural lakeside retreat north of Berlin, buys her own groceries in the capital and holds up the mythical “Swabian housewife” as symbol of German thriftiness in speeches. She doesn’t host dinner parties and lets off steam with “hiking, cooking, laughing,” the Sueddeutsche Zeitung newspaper quoted her as saying in response to questions from celebrities on Aug. 10.
‘Trust’
“The instrumental word with Merkel is trust,” said Jan Techau, head of the Carnegie Endowment for International Peace office in Brussels. “People don’t understand the European Stability Mechanism or the fiscal pact, but they trust Merkel” and her “plain-spoken confidence in resolving the crisis.”
For all that the economy is slowing, with the Munich-based Ifo institutes’s gauge of business confidence at the lowest in more than two-and-a-half years, record-low German bond yields signal investor confidence in Germany as a safe haven. House prices in cities such as Berlin that were resistant to the boom- that-turned-to-bust in Ireland, Spain and the U.K. are rising so fast that billionaire investor George Soros said Sept. 10 the German capital was in “serious danger” of developing a bubble.
Merkel is disproving “the chorus of people in Europe saying for years ‘the end is near,”’ Techau, a former analyst at the German Council on Foreign Relations, said in a telephone interview. “But the end hasn’t come and the perception is that she’s steered us through it.”
Euro-Bond Gambit
As the crisis heads toward its fourth year, Merkel has signaled that the euro and her plan to shift the energy supply away from nuclear power will be her main campaign themes. Germany’s economic strength is buoying her for now against the Social Democrats, who backed joint euro-area bond issuance as recently as April and now urge pooling the region’s old debt. Polls show voters overwhelmingly back Merkel’s rejection of euro bonds.
To be sure, the latest Forsa poll for Stern published Oct. 2 showed the Social Democrats closing on Merkel’s bloc after announcing nominating Steinbrueck to run against her. The SPD gained three points to 29 percent, while her CDU/CSU fell by the same margin to 35 percent.
What’s more, Merkel’s current coalition with the Free Democratic Party doesn’t have a chance of reelection if current polls are correct. The FDP has been scraping along at between 2 percent and 5 percent support since 2010, far below the 14.6 percent it won in 2009.
Coalition Constellations
Merkel told reporters on Sept. 17 that while she wants a re-run of her current coalition with the FDP, she wouldn’t “rule out” a return of the grand coalition with the SPD that she headed under her first administration from 2005 to 2009.
Even if Steinbrueck can maintain his party’s bounce, the SPD wouldn’t be in a position to choose if elections were held now. A coalition with his preferred partner, the Greens, would fail to win a majority according to all six leading German polling companies.
Gary Smith, executive director of the American Academy in Berlin, says that beyond trust, popular euro crisis policies and the economy, Merkel is also “recapturing the moral high ground” on European unification which, despite the euro crisis, remains important for many Germans.
“Merkel has made the CDU stand for something again,” Smith, whose research group promotes trans-Atlantic ties, said in an interview. “They stand for Europe and voters understand that Germany’s global role is through leading the EU, and it’s Merkel who’s providing that leadership.”
Merkel, pressed on her electoral intentions at a Sept. 22 meeting with French President Francois Hollande marking Franco- German postwar ties, said she’d “happily” serve another term.
“I don’t feel at all like I’m at the end of my mandate,” she said
By Tony Czuczka and Leon Mangasarian - Oct 2, 2012 11:00 PM GMT+0100
Three days before East and West Germany reunited in 1990, Angela Merkel made an acquaintance that was to put her on the path to power.
Enlarge image
Merkel Emulates Kohl German Unity Turning Euro Crisis Into Votes
Sean Gallup/Getty Images
German Chancellor Angela Merkel arrives at the Bundestag commission in Berlin, on Sept. 27, 2012.
German Chancellor Angela Merkel arrives at the Bundestag commission in Berlin, on Sept. 27, 2012. Photographer: Sean Gallup/Getty Images
12:27
Sept. 24 (Bloomberg) -- Michael Meister, the deputy chairman of German Chancellor Angela Merkel's Christian Democrats Party, talks about the prospect of an aid program for Spain, a European banking union and Greece's bailout conditions. He speaks from Berlin with Bloomberg Television's Maryam Nemazee. (Source: Bloomberg)
An East German scientist propelled into politics by the fall of the Berlin Wall and the communist regime’s collapse, Merkel wangled an audience with Helmut Kohl at a party event in Hamburg. Within four months, Kohl had ridden German reunification to a landslide third election victory and Merkel secured a post in his Cabinet.
Just as Kohl knew what Germans on both sides of the border wanted when they united 22 years ago today, Merkel is tuned in to voters who balk at paying the price of the united Europe Kohl brought about. While her peers in France, Italy and Spain have been removed in the three years since the debt crisis emerged in Greece, Merkel’s ability to channel domestic public opinion paired with a still-expanding economy led polling company Forsa to conclude that she looks unbeatable before 2013 elections.
“The crisis makes people rally behind Merkel,” Gerd Languth, a historian and professor of politics at the University of Bonn whose 2005 biography of the chancellor documents her meeting with Kohl, said by phone. “People see her as being on top of the issues and the only one who can solve the problems.”
Sarkozy Unseated
Bucking the crisis that has unseated contemporaries including her ally French President Nicolas Sarkozy is shaping up to be the theme of Merkel’s campaign for the election due next fall. Its resonance with voters will determine whether she emulates Kohl and serves a third term. Outside the 17-nation euro area, U.K. Prime Minister David Cameron’s Conservatives trail the opposition Labour Party by as many as 10 percentage points as he pushes the deepest budget cuts since World War II.
Voters credit Merkel for ensuring Germany is “the only economic safe haven in Europe,” Horst Teltschik, Kohl’s deputy chief of staff and a key adviser on German reunification, said in a telephone interview. “There are no other strong leaders in Europe.” Merkel is “the rock at the center of the euro-crisis storm.”
Merkel’s speeches channel Germans’ historical aversion to debt and profligacy forged in the aftermath of two world wars and marry them to Kohl’s legacy of a more integrated Europe. She’s seen to be “holding the line on debt mutualization” while finding a “middle way” on Europe, said Langguth. Vilification of Merkel with headlines and placards comparing her with Hitler only makes Germans swing behind her, he said.
Robots to China
Merkel, 58, the key political player in nearly three years of crisis-fighting, is aided by an economy that has yet to bear the scars of the turmoil dealt to fellow euro members.
Buoyed by growth in China and the U.S., Volkswagen AG, Daimler AG, and Bayerische Motoren Werke AG (BMW) have so far proved resilient to the plunge in sales that has plagued European rivals such as PSA Peugeot Citroen of France and Italy’s Fiat SpA. Kuka AG of Augsburg, Europe’s biggest maker of assembly- line robots, raised its outlook for 2012 as it expands in China. Germany’s 30-member benchmark DAX index is up almost 25 percent this year compared with a near 11 percent rise in the Dow Jones Industrial Average.
In Spain and Greece, the crisis front line, unemployment is touching 25 percent; even across the Rhine in France joblessness is at a 13-year high. In Germany, Europe’s biggest economy, it is at a two-decade low. While all Europe tightens its belt in fear of the future, Germans’ satisfaction with their economic situation was at an 11-year high in July, FG Wahlen found.
Steinbrueck’s Challenge
Merkel’s edge over three opposition leaders is now so wide in a Forsa poll that she “appears unbeatable” a year from the election, Stern magazine said Sept. 19. Peer Steinbrueck, Merkel’s first-term finance minister who was nominated on Oct. 1 as her main challenger, trails her approval rating by 22 percentage points. She is Germany’s most popular politician and her approval rating is hovering near the highest since November 2009, a separate FG Wahlen poll released Sept. 28 showed.
The chancellor hasn’t offered her political foes much space to land blows as she preaches budget cuts for the euro area, refuses to underwrite the region’s debt with German economic might and barely acknowledges anti-austerity protests from Greece to Spain. Instead she tells weaker euro countries there’s no prosperity without pain.
“We remain true to our philosophy of no help without something in return,” she said in Brussels in June. That followed an all-night European Union summit at which Merkel fended off pressure from Italy and Spain for direct bank bailouts and government-backed buying of sovereign bonds.
More Kohl
Polls indicate that German voters like it when Merkel lays down her doctrine and holds the line against the euro area’s southern tier. Merkel is now getting higher approval ratings than Kohl ever did, said Matthias Jung, Mannheim-based FG Wahlen’s director.
“A growing part of the population realizes that there is no shining solution and that the crisis requires constantly defending German interests,” Jung said in an interview. Merkel is successfully defining herself in voters’ eyes as guardian of “the politics of common sense.”
The crisis has not always worked to her advantage. Re- elected in September 2009, Merkel’s personal and party popularity plunged after the first bailout for Greece in May 2010, leading to a run of state vote defeats. She took months to craft a policy meshing national interest with Germans’ desire after wartime devastation to be good Europeans.
Tipping Point
The turning point came in December 2011 as she persuaded all but two of the EU’s members to sign up to her fiscal pact locking in common budget rules. From a low of 29 percent in a Forsa poll in 2010, her Christian Democratic bloc soared to a four-year high of 39 percent in August. Her bloc won 33.8 percent in the last national election on Sept. 27, 2009.
That trajectory brings Merkel closer to Kohl, who was first elected West German chancellor 30 years ago this week. In 1989, seven years into office, his popularity was languishing when he seized the opportunity provided by the fall of the Berlin Wall to push for a reunited Germany, winning a landslide victory in the first post-unification German elections in December 1990.
Merkel sought out Kohl two months previously at a party convention organized to formally unite Christian Democratic organizations in the two parts of Germany before Unification Day on Oct. 3, Langguth said in his biography, which comprises interviews with Merkel and her contemporaries. Merkel and Kohl met at the press party on the eve of the convention and had “a relatively long talk that evidently impressed Kohl,” he wrote.
Law Breaker
Germans voted Kohl out in 1998 after a record 16 years in office, and Merkel broke with her one-time mentor the next year when he refused to identify secret campaign donors. Writing in the Frankfurter Allgemeine Zeitung newspaper, Merkel said he had broken the law and caused damage to the party he led for a quarter-century.
Now publicly reconciled, Kohl, who agreed in 1992 to give up the deutsche mark for the euro, passed the baton of his legacy on to a new generation at a Sept. 27 gala at Berlin’s German Historical Museum attended by his former protégée.
“Let us make good use of time,” Kohl, now 82 and in a wheelchair, said at the event, where he described Europe as a “grand goal” that others now have to carry forward. “Let us get going.”
A pastor’s daughter, Merkel’s austere Lutheran manner may fit the times even more than Kohl, the wine-loving West German who seized the moment and allayed fears of a bigger Germany with personal diplomacy. Merkel, seeking to extend her chancellorship to 12 years, told Kohl at the Berlin ceremony that he “defined an era.”
Eastern Collapse
Merkel cites East Germany’s economic collapse after decades of rot as a defining moment. Her methodical, home-spun image is part of her appeal as Germans contemplate their position as the chief underwriter of 386 billion euros ($500 billion) in pledges for Greece, Ireland and Portugal plus as much as another 100 billion euros for Spain’s banks -- with a sovereign rescue for Spain possibly ahead. The 700 billion-euro permanent bailout fund, the European Stability Mechanism, comes on top.
“I like to read files,” Merkel said in Berlin on Sept. 26. She relishes cooking with her physicist husband at her rural lakeside retreat north of Berlin, buys her own groceries in the capital and holds up the mythical “Swabian housewife” as symbol of German thriftiness in speeches. She doesn’t host dinner parties and lets off steam with “hiking, cooking, laughing,” the Sueddeutsche Zeitung newspaper quoted her as saying in response to questions from celebrities on Aug. 10.
‘Trust’
“The instrumental word with Merkel is trust,” said Jan Techau, head of the Carnegie Endowment for International Peace office in Brussels. “People don’t understand the European Stability Mechanism or the fiscal pact, but they trust Merkel” and her “plain-spoken confidence in resolving the crisis.”
For all that the economy is slowing, with the Munich-based Ifo institutes’s gauge of business confidence at the lowest in more than two-and-a-half years, record-low German bond yields signal investor confidence in Germany as a safe haven. House prices in cities such as Berlin that were resistant to the boom- that-turned-to-bust in Ireland, Spain and the U.K. are rising so fast that billionaire investor George Soros said Sept. 10 the German capital was in “serious danger” of developing a bubble.
Merkel is disproving “the chorus of people in Europe saying for years ‘the end is near,”’ Techau, a former analyst at the German Council on Foreign Relations, said in a telephone interview. “But the end hasn’t come and the perception is that she’s steered us through it.”
Euro-Bond Gambit
As the crisis heads toward its fourth year, Merkel has signaled that the euro and her plan to shift the energy supply away from nuclear power will be her main campaign themes. Germany’s economic strength is buoying her for now against the Social Democrats, who backed joint euro-area bond issuance as recently as April and now urge pooling the region’s old debt. Polls show voters overwhelmingly back Merkel’s rejection of euro bonds.
To be sure, the latest Forsa poll for Stern published Oct. 2 showed the Social Democrats closing on Merkel’s bloc after announcing nominating Steinbrueck to run against her. The SPD gained three points to 29 percent, while her CDU/CSU fell by the same margin to 35 percent.
What’s more, Merkel’s current coalition with the Free Democratic Party doesn’t have a chance of reelection if current polls are correct. The FDP has been scraping along at between 2 percent and 5 percent support since 2010, far below the 14.6 percent it won in 2009.
Coalition Constellations
Merkel told reporters on Sept. 17 that while she wants a re-run of her current coalition with the FDP, she wouldn’t “rule out” a return of the grand coalition with the SPD that she headed under her first administration from 2005 to 2009.
Even if Steinbrueck can maintain his party’s bounce, the SPD wouldn’t be in a position to choose if elections were held now. A coalition with his preferred partner, the Greens, would fail to win a majority according to all six leading German polling companies.
Gary Smith, executive director of the American Academy in Berlin, says that beyond trust, popular euro crisis policies and the economy, Merkel is also “recapturing the moral high ground” on European unification which, despite the euro crisis, remains important for many Germans.
“Merkel has made the CDU stand for something again,” Smith, whose research group promotes trans-Atlantic ties, said in an interview. “They stand for Europe and voters understand that Germany’s global role is through leading the EU, and it’s Merkel who’s providing that leadership.”
Merkel, pressed on her electoral intentions at a Sept. 22 meeting with French President Francois Hollande marking Franco- German postwar ties, said she’d “happily” serve another term.
“I don’t feel at all like I’m at the end of my mandate,” she said
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8 October 2012 Last updated at 16:44
Eurozone rescue fund launched
Jean-Claude Juncker, chair of the Eurogroup: "The ESM is not a stand-alone instrument, but part of a comprehensive plan"
Continue reading the main story
Eurozone crisis
The eurozone's new permanent fund to bail out struggling economies and banks has been formally launched at a meeting of finance ministers in Luxembourg.
The European Stability Mechanism (ESM) will have a full lending capacity of 500bn euros (£400bn; $650bn) by 2014.
It will initially run alongside, and then eventually replace, the European Financial Stability Facility (EFSF).
Europe's largest economy, Germany, will make the biggest contribution to the fund, about 27% of its total.
The ESM, which is a new European Union agency, will be chaired by Jean-Claude Juncker, the Prime Minister of Luxembourg and chair of the Eurogroup.
The launch of the ESM "marks an historic milestone in shaping the future of monetary union", Mr Juncker said after the inaugural meeting of the Eurogroup of finance ministers that makes up the fund's board.
Countries will make their first payments towards the fund this week.
Earlier, the EU economic and monetary affairs commissioner, Olli Rehn, said: "It provides the eurozone with a robust and permanent firewall and it provides us with a strong toolbox of effective and flexible instruments.
"Thinking of where we were two-and-a-half years ago when we had no instruments of crisis management, we had to create the Greek loan facility and the temporary European facility, we are moving forward and we are supplementing the economic and monetary union with one important building block," he said as he arrived at the meeting.
"Nobody is in party mood, but I am less pessimistic for the moment for the eurozone than in the spring."
Firepower concerns
The temporary EFSF has already lent 190bn euros to Greece, the Republic of Ireland and Portugal.
Some critics believe that the 500bn-euro firepower of the ESM will still not be large enough to save the eurozone.
"The good news is that by using the funding in a wise way to support bond purchases, you can probably stretch that money quite a long way," Sarah Hewin, head of global research at Standard Chartered, told the BBC.
"The real concern is if Italy becomes involved, if there's a big shock to the system and a full bailout is required. Even 500bn euros isn't enough to cover Spain and Italy for a full three-year programme."
Having officially launched the ESM, finance ministers will now turn their attention to Greece's bailout and Spain as talks continue until Tuesday.
Continue reading the main story
“Start Quote
Gavin Hewitt Europe editor
Spain has already been granted help for its banks and will receive up to 100bn euros to be targeted at its financial sector. It is widely expected to formally request a sovereign bailout.
But upon arriving in Luxembourg, German Finance Minister Wolfgang Schaeuble said that Madrid did not need any further help.
"Spain needs no aid programme. Spain is doing everything necessary, in fiscal policy, in structural reforms," he said.
"Spain has a problem with its banks as a consequence of the real estate bubble of the past years. That's why Spain is getting [EU] help with banking recapitalisation."
Greece will also be on the Eurogroup's agenda, as negotiations continue between Athens and the "troika" of inspectors from the International Monetary Fund, European Commission and European Central Bank.
But Mr Juncker said: "I don't think that we will have any major decisions on Greece."
Eurozone rescue fund launched
Jean-Claude Juncker, chair of the Eurogroup: "The ESM is not a stand-alone instrument, but part of a comprehensive plan"
Continue reading the main story
Eurozone crisis
- Q&A: European Stability Mechanism
- Six burning questions for Spain
- Q&A: What went wrong in Spain?
- How eurozone crisis affects you
The eurozone's new permanent fund to bail out struggling economies and banks has been formally launched at a meeting of finance ministers in Luxembourg.
The European Stability Mechanism (ESM) will have a full lending capacity of 500bn euros (£400bn; $650bn) by 2014.
It will initially run alongside, and then eventually replace, the European Financial Stability Facility (EFSF).
Europe's largest economy, Germany, will make the biggest contribution to the fund, about 27% of its total.
The ESM, which is a new European Union agency, will be chaired by Jean-Claude Juncker, the Prime Minister of Luxembourg and chair of the Eurogroup.
The launch of the ESM "marks an historic milestone in shaping the future of monetary union", Mr Juncker said after the inaugural meeting of the Eurogroup of finance ministers that makes up the fund's board.
Countries will make their first payments towards the fund this week.
Earlier, the EU economic and monetary affairs commissioner, Olli Rehn, said: "It provides the eurozone with a robust and permanent firewall and it provides us with a strong toolbox of effective and flexible instruments.
"Thinking of where we were two-and-a-half years ago when we had no instruments of crisis management, we had to create the Greek loan facility and the temporary European facility, we are moving forward and we are supplementing the economic and monetary union with one important building block," he said as he arrived at the meeting.
"Nobody is in party mood, but I am less pessimistic for the moment for the eurozone than in the spring."
Firepower concerns
The temporary EFSF has already lent 190bn euros to Greece, the Republic of Ireland and Portugal.
Some critics believe that the 500bn-euro firepower of the ESM will still not be large enough to save the eurozone.
"The good news is that by using the funding in a wise way to support bond purchases, you can probably stretch that money quite a long way," Sarah Hewin, head of global research at Standard Chartered, told the BBC.
"The real concern is if Italy becomes involved, if there's a big shock to the system and a full bailout is required. Even 500bn euros isn't enough to cover Spain and Italy for a full three-year programme."
Having officially launched the ESM, finance ministers will now turn their attention to Greece's bailout and Spain as talks continue until Tuesday.
Continue reading the main story
“Start Quote
End Quote
Greece is heading into the sixth year of recession - there is no way it can reach the targets set for it”
Gavin Hewitt Europe editor Spain has already been granted help for its banks and will receive up to 100bn euros to be targeted at its financial sector. It is widely expected to formally request a sovereign bailout.
But upon arriving in Luxembourg, German Finance Minister Wolfgang Schaeuble said that Madrid did not need any further help.
"Spain needs no aid programme. Spain is doing everything necessary, in fiscal policy, in structural reforms," he said.
"Spain has a problem with its banks as a consequence of the real estate bubble of the past years. That's why Spain is getting [EU] help with banking recapitalisation."
Greece will also be on the Eurogroup's agenda, as negotiations continue between Athens and the "troika" of inspectors from the International Monetary Fund, European Commission and European Central Bank.
But Mr Juncker said: "I don't think that we will have any major decisions on Greece."
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Merkel visit
Mrs Merkel has been demonised by some Greek protesters
Continue reading the main story
Eurozone crisis
There is tight security in Athens ahead a visit by German Chancellor Angela Merkel, her first since the eurozone crisis erupted nearly three years ago.
Some 7,000 police officers are on duty, public gatherings are banned in certain areas of the city and protesters have been warned to "protect the peace".
The visit comes as Greece bids to pass new cuts of 13bn euros (£10.5bn; $17bn) to qualify for more bailout cash.
Analysts say Mrs Merkel is regarded by many Greeks as the author of austerity.
While Germany has contributed the most money in the bailing out of Greece, the BBC Europe editor Gavin Hewitt says its chancellor is held responsible for demanding that Greece make swingeing cuts in exchange for the financing it has received.
Speaking on Monday, Jean-Claude Juncker, chairman of the Eurogroup finance ministers of the eurozone, raised the pressure on Greece, calling on the government to demonstrate it could implement planned reforms "by 18 October at the latest" to qualify for the next bailout instalment of 31.5bn euros.
He was speaking as the eurozone's new permanent fund to bail out struggling economies and banks was formally launched at the finance ministers' meeting.
There has been growing unrest in Greece at the planned new cutbacks.
Police have banned protests on Tuesday in much of central Athens, and within a 100-metre (110-yard) radius of the route Mrs Merkel's motorcade will travel - although two planned protests elsewhere in the city will go ahead.
Continue reading the main story
“Start Quote
Gavin Hewitt Europe editor
On Monday, public order minister Nikos Dendias appealed to protesters to "protect the peace, and above all our country's prospects and our international image", Reuters news agency reported.
Mrs Merkel, a target for popular dissent, will be in Athens for about six hours, and will have talks with Greek Prime Minister Antonis Samaras.
The meeting is a gamble, our correspondent says.
If there is chaos on the streets, it will only underline for the German public that Greece is a lost cause.
But Mrs Merkel's visit - her first to Greece in five years - is sending a symbolic message that she wants Greece to stay in the eurozone, our correspondent adds.
Meanwhile, the International Monetary Fund said on Monday that the global economic recovery was weakening, with government policies having failed to restore confidence.
It added that the risk of further deterioration in the economic outlook was "considerable" and had increased.
============================================
On the News the Demonstrators are holding a massive placard saying something like "don't bother Mrs Merkel , there is nothing left" , she really is impervious to the damage she is doing.
Mrs Merkel has been demonised by some Greek protesters Continue reading the main story
Eurozone crisis
There is tight security in Athens ahead a visit by German Chancellor Angela Merkel, her first since the eurozone crisis erupted nearly three years ago.
Some 7,000 police officers are on duty, public gatherings are banned in certain areas of the city and protesters have been warned to "protect the peace".
The visit comes as Greece bids to pass new cuts of 13bn euros (£10.5bn; $17bn) to qualify for more bailout cash.
Analysts say Mrs Merkel is regarded by many Greeks as the author of austerity.
While Germany has contributed the most money in the bailing out of Greece, the BBC Europe editor Gavin Hewitt says its chancellor is held responsible for demanding that Greece make swingeing cuts in exchange for the financing it has received.
Speaking on Monday, Jean-Claude Juncker, chairman of the Eurogroup finance ministers of the eurozone, raised the pressure on Greece, calling on the government to demonstrate it could implement planned reforms "by 18 October at the latest" to qualify for the next bailout instalment of 31.5bn euros.
He was speaking as the eurozone's new permanent fund to bail out struggling economies and banks was formally launched at the finance ministers' meeting.
There has been growing unrest in Greece at the planned new cutbacks.
Police have banned protests on Tuesday in much of central Athens, and within a 100-metre (110-yard) radius of the route Mrs Merkel's motorcade will travel - although two planned protests elsewhere in the city will go ahead.
Continue reading the main story
“Start Quote
End Quote
Chancellor Merkel has gambled that the visit will demonstrate she intends to stand behind the Greeks”
Gavin Hewitt Europe editor On Monday, public order minister Nikos Dendias appealed to protesters to "protect the peace, and above all our country's prospects and our international image", Reuters news agency reported.
Mrs Merkel, a target for popular dissent, will be in Athens for about six hours, and will have talks with Greek Prime Minister Antonis Samaras.
The meeting is a gamble, our correspondent says.
If there is chaos on the streets, it will only underline for the German public that Greece is a lost cause.
But Mrs Merkel's visit - her first to Greece in five years - is sending a symbolic message that she wants Greece to stay in the eurozone, our correspondent adds.
Meanwhile, the International Monetary Fund said on Monday that the global economic recovery was weakening, with government policies having failed to restore confidence.
It added that the risk of further deterioration in the economic outlook was "considerable" and had increased.
============================================
On the News the Demonstrators are holding a massive placard saying something like "don't bother Mrs Merkel , there is nothing left" , she really is impervious to the damage she is doing.
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Panda Tue 9 Oct - 8:33
Angela Merkel Facing Hostile Greek Reception
Some 7,000 Greek police are on standby for Angela Merkel's six hour visit to Athens, where the German leader is blamed for cuts.
6:14am UK, Tuesday 09 October 2012
Video: Merkel's Hostile Greek Reception
Enlarge
Merkel speaking on the eve of the visit
There is tight security in Athens ahead of German Chancellor Angela Merkel's first visit to Greece since the Euro crisis erupted almost three years ago.
Thousands of police will create a safety zone for Ms Merkel's meetings with conservative Prime Minister Antonis Samaras and President Carolos Papoulias, aiming to keep demonstrators at arm's length.
Some 7,000 officers backed by water cannon and a helicopter have been mobilised for the German chancellor's six hour visit.
The visit comes as Greece bids to pass cuts of 13bn euro (£10.5bn) in order to secure more bailout cash.
Ms Merkel had faced criticism in Germany for failing to visit Athens thus far during the crisis, unlike EU President Herman Van Rompuy, European Commission president Jose Manuel Barroso and eurozone chief Jean-Claude Juncker.
The Chancellor's office has said she will convey a message of support for "ambitious" cuts already in place in Athens and encouragement to stay the course.
"She is going to Greece to express her support for the ambitious reform efforts that the Greeks have set out and are, in part, beginning to implement," Steffen Seibert told a news conference.
"We should not forget - and I think this is sometimes forgotten in Germany - that Greece can point to some successes when it comes to reducing the deficit through very difficult measures," added the spokesman.
Protesters with a banner reading "Merkel out!" in German
Mr Samaras will greet Ms Merkel at Athens airport and the two will hold talks before the German leader meets President Papoulias.
Leftist and Communist-affiliated unions are holding separate protests and a three hour strike has been called in Athens from midday onwards.
The police declared a ban on "public gatherings and demonstrations" in a broad section of the city centre that includes the German embassy, parliament and the offices of government but the union gatherings lie outside this area and will be held as planned.
Ms Merkel's route from the airport is also off-bounds.
The German leader is a popular hate figure in Greece, often blamed for harsh austerity measures imposed by the Government in return for vital international aid, and has in the past been depicted as Adolf Hitler in tabloid caricatures.
Mr Samaras has assured Ms Merkel that she will be "welcomed in the appropriate way for the leader of a major power and a friendly country", but many in Greece object to the visit.
"(Merkel) is coming to rescue a corrupt and discredited political system that is subject to her interests," said Alexis Tsipras, leader of radical leftwing opposition party Syriza that is taking a leading role in the protests.
Some 7,000 Greek police are on standby for Angela Merkel's six hour visit to Athens, where the German leader is blamed for cuts.
6:14am UK, Tuesday 09 October 2012
Video: Merkel's Hostile Greek Reception
Enlarge
Merkel speaking on the eve of the visit
There is tight security in Athens ahead of German Chancellor Angela Merkel's first visit to Greece since the Euro crisis erupted almost three years ago.
Thousands of police will create a safety zone for Ms Merkel's meetings with conservative Prime Minister Antonis Samaras and President Carolos Papoulias, aiming to keep demonstrators at arm's length.
Some 7,000 officers backed by water cannon and a helicopter have been mobilised for the German chancellor's six hour visit.
The visit comes as Greece bids to pass cuts of 13bn euro (£10.5bn) in order to secure more bailout cash.
Ms Merkel had faced criticism in Germany for failing to visit Athens thus far during the crisis, unlike EU President Herman Van Rompuy, European Commission president Jose Manuel Barroso and eurozone chief Jean-Claude Juncker.
The Chancellor's office has said she will convey a message of support for "ambitious" cuts already in place in Athens and encouragement to stay the course.
"She is going to Greece to express her support for the ambitious reform efforts that the Greeks have set out and are, in part, beginning to implement," Steffen Seibert told a news conference.
"We should not forget - and I think this is sometimes forgotten in Germany - that Greece can point to some successes when it comes to reducing the deficit through very difficult measures," added the spokesman.
Protesters with a banner reading "Merkel out!" in German Mr Samaras will greet Ms Merkel at Athens airport and the two will hold talks before the German leader meets President Papoulias.
Leftist and Communist-affiliated unions are holding separate protests and a three hour strike has been called in Athens from midday onwards.
The police declared a ban on "public gatherings and demonstrations" in a broad section of the city centre that includes the German embassy, parliament and the offices of government but the union gatherings lie outside this area and will be held as planned.
Ms Merkel's route from the airport is also off-bounds.
The German leader is a popular hate figure in Greece, often blamed for harsh austerity measures imposed by the Government in return for vital international aid, and has in the past been depicted as Adolf Hitler in tabloid caricatures.
Mr Samaras has assured Ms Merkel that she will be "welcomed in the appropriate way for the leader of a major power and a friendly country", but many in Greece object to the visit.
"(Merkel) is coming to rescue a corrupt and discredited political system that is subject to her interests," said Alexis Tsipras, leader of radical leftwing opposition party Syriza that is taking a leading role in the protests.
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Farmers to Protest in Dublin over Common Agricultural Policy Reforms
Panda Tue 9 Oct - 8:41
9 October 2012 Last updated at 07:17
farmers to protest in Dublin over CAP reforms
Farmers will gather close to Leinster House to hold their protest
Up to 10,000 farmers are to demonstrate in Dublin on Tuesday over their concerns about future EU and government funding.
The Irish Farmers' Association said the "day of action" would be its biggest demonstration in the capital for several years.
The main concern of farmers is the reform of the EU Common Agricultural Policy over the next few months.
The IFA said there should be no cuts to the 1.6bn euro Ireland receives yearly.
It is also opposed to proposals to redistribute individual annual payments to farmers - it argues the most productive farmers could lose out.
The association also called on the government not to cut the 300m euro it spends on farm schemes in December's budget.
Demonstrators will gather at Merrion Square at 11:30 BST.
They will march to Leinster House at noon, and speeches outside the Dáil are expected to finish at 14:30 BST.
Traffic disruption is expected in the Merrion Square and Kildare Street area from mid-morning as the farmers make their protest near Government Buildings and Leinster House.
IFA President John Bryan said the event would be a "major show of solidarity".
"The agri industry fully understands the consequences for their businesses and the 300,000 jobs depending on the sector if the EU Commission gets its way on the reform of the Common Agricultural Policy," he said.
"Farm output will drop and the raw material for Ireland's ambitious growth plans in the food sector will not be available if the EU Commission gets its way."
Mr Bryan said he hoped the protest in Dublin would send a clear message to the Irish government that they must fight in Brussels to secure a full CAP budget that "supports productive farmers and the rural economy".
He said the government could not continue to heap extra costs and taxes on top of productivity and work.
"The government need to get serious about improving our competitiveness and not damaging it further with more taxes and costs on the hard-pressed business and productive sectors," he added.
The IFA said most dairy co-ops, beef, lamb, pig and poultry processors, grain merchants and livestock marts would not accept farm produce on Tuesday.
farmers to protest in Dublin over CAP reforms
Farmers will gather close to Leinster House to hold their protest Up to 10,000 farmers are to demonstrate in Dublin on Tuesday over their concerns about future EU and government funding.
The Irish Farmers' Association said the "day of action" would be its biggest demonstration in the capital for several years.
The main concern of farmers is the reform of the EU Common Agricultural Policy over the next few months.
The IFA said there should be no cuts to the 1.6bn euro Ireland receives yearly.
It is also opposed to proposals to redistribute individual annual payments to farmers - it argues the most productive farmers could lose out.
The association also called on the government not to cut the 300m euro it spends on farm schemes in December's budget.
Demonstrators will gather at Merrion Square at 11:30 BST.
They will march to Leinster House at noon, and speeches outside the Dáil are expected to finish at 14:30 BST.
Traffic disruption is expected in the Merrion Square and Kildare Street area from mid-morning as the farmers make their protest near Government Buildings and Leinster House.
IFA President John Bryan said the event would be a "major show of solidarity".
"The agri industry fully understands the consequences for their businesses and the 300,000 jobs depending on the sector if the EU Commission gets its way on the reform of the Common Agricultural Policy," he said.
"Farm output will drop and the raw material for Ireland's ambitious growth plans in the food sector will not be available if the EU Commission gets its way."
Mr Bryan said he hoped the protest in Dublin would send a clear message to the Irish government that they must fight in Brussels to secure a full CAP budget that "supports productive farmers and the rural economy".
He said the government could not continue to heap extra costs and taxes on top of productivity and work.
"The government need to get serious about improving our competitiveness and not damaging it further with more taxes and costs on the hard-pressed business and productive sectors," he added.
The IFA said most dairy co-ops, beef, lamb, pig and poultry processors, grain merchants and livestock marts would not accept farm produce on Tuesday.
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Re: New EC Thread
Panda Tue 9 Oct - 10:58
The ESM has been launched with E500 million , much provided by Germany , not considered big enough . especially if Italy needs bailing out later on.
The Danish Prime Minister says there is clear resolve on sorting out the EURO crisis but Denmark is yet to decide on joining the Bank Union.
If Spain takes the bail-out it won't have to take more austerity measures.......I think Rajoy will be very worried by the Greek reaction to Merkel's visit because Spain is facing 50% unemployment with no real prospect of reducing this in the near future.
Mario Draghi says there is no alternative to fiscal authority so the ECB bonds will carry requirements.
The IMF says the World situation is getting worse.
It is thought this demonstration in Greece is not just about austerity but Greece still harbours a grudge at the way the Germans killed every Male in a village during the last War.
Portugal is fine and improved it's economy a lot.
Cyprus needs a Bail-out , talks havn't started yet.
Irelands Farmers are up in arms about the latest EU edict.
It is looking increasingly likely that if Greece does not accept the conditions imposed the Country will default and bring the rest of Euro Countries down as well. Merkel and everyone else does not want this to happen so maybe Greece will be given more time to repay.
The Danish Prime Minister says there is clear resolve on sorting out the EURO crisis but Denmark is yet to decide on joining the Bank Union.
If Spain takes the bail-out it won't have to take more austerity measures.......I think Rajoy will be very worried by the Greek reaction to Merkel's visit because Spain is facing 50% unemployment with no real prospect of reducing this in the near future.
Mario Draghi says there is no alternative to fiscal authority so the ECB bonds will carry requirements.
The IMF says the World situation is getting worse.
It is thought this demonstration in Greece is not just about austerity but Greece still harbours a grudge at the way the Germans killed every Male in a village during the last War.
Portugal is fine and improved it's economy a lot.
Cyprus needs a Bail-out , talks havn't started yet.
Irelands Farmers are up in arms about the latest EU edict.
It is looking increasingly likely that if Greece does not accept the conditions imposed the Country will default and bring the rest of Euro Countries down as well. Merkel and everyone else does not want this to happen so maybe Greece will be given more time to repay.
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Re: New EC Thread
Panda Tue 9 Oct - 13:29
European Union
Richer regions want to redraw the map
8 October 2012The New York Times New York
Can't wait for Catalonian football league. Camp Nou was draped in Catalonia flag during the Barcelona vs Real Madrid "El Clásico", 7 October 2012.
The crisis is reviving old historical and economic quarrels between rich regions with a strong sense of identity and central governments. But as the latest example of Catalonia shows, the question is whether the EU encourages stability or secessionist tendencies.
Steven Erlanger
Catalonia may be the catalyst for a renewed wave of separatism in the European Union, with Scotland and Flanders not far behind. The great paradox of the European Union, which is built on the concept of shared sovereignty, is that it lowers the stakes for regions to push for independence.
While a post-national European Union may be emerging out of the euro zone crisis, with a drive for more fiscal union and more centralized control over national budgets and banks, the crisis has accelerated calls for independence from member countries’ richer regions, angry at having to finance poorer neighbors.
Artur Mas, the Catalan president, recently shook Spain and the markets with a call for early regional elections and promised a referendum on independence from Spain, although Madrid considers it illegal. Scotland is planning an independence referendum for the autumn of 2014. The Flemish in Flanders have achieved nearly total autonomy, both administrative and linguistic, but still resent what they consider to be the holdover hegemony of the French-speakers of Wallonia and the Brussels elite, emotions that will be on display in provincial and communal elections Oct. 14.
There are countless things that hold unhappy countries, like marriages, together – shared history, shared wars, shared children, shared enemies. But the economic crisis in the European Union is also highlighting old grievances.
Many in Catalonia and Flanders, for example, argue that they pay significantly more into the national treasury than they receive, even as national governments cut public services. In this sense, the regional argument is the euro zone argument writ small, as richer northern countries like Germany, Finland and Austria complain that their comparative wealth and success are being drained to keep countries like Greece, Portugal and Spain afloat.
The crisis has also produced a loss of confidence in traditional leadership, with voters punishing incumbents and mainstream political parties. That has helped more atavistic nationalist parties, like the National Front in France and Golden Dawn in Greece. But in separatist regions, the same disaffection tends to favor parties advocating independence.
Read article in full at The New York Times en
On the web
Opinion
Euro project has strengthened “tribalism”
In an article on growing regionalist impulses in Spain, Italy and Germany, Peter Coy, the economics editor of Bloomberg Businessweek, points out that–
Richer regions want to redraw the map
8 October 2012The New York Times New York
Can't wait for Catalonian football league. Camp Nou was draped in Catalonia flag during the Barcelona vs Real Madrid "El Clásico", 7 October 2012.
The crisis is reviving old historical and economic quarrels between rich regions with a strong sense of identity and central governments. But as the latest example of Catalonia shows, the question is whether the EU encourages stability or secessionist tendencies.
Steven Erlanger
Catalonia may be the catalyst for a renewed wave of separatism in the European Union, with Scotland and Flanders not far behind. The great paradox of the European Union, which is built on the concept of shared sovereignty, is that it lowers the stakes for regions to push for independence.
While a post-national European Union may be emerging out of the euro zone crisis, with a drive for more fiscal union and more centralized control over national budgets and banks, the crisis has accelerated calls for independence from member countries’ richer regions, angry at having to finance poorer neighbors.
Artur Mas, the Catalan president, recently shook Spain and the markets with a call for early regional elections and promised a referendum on independence from Spain, although Madrid considers it illegal. Scotland is planning an independence referendum for the autumn of 2014. The Flemish in Flanders have achieved nearly total autonomy, both administrative and linguistic, but still resent what they consider to be the holdover hegemony of the French-speakers of Wallonia and the Brussels elite, emotions that will be on display in provincial and communal elections Oct. 14.
There are countless things that hold unhappy countries, like marriages, together – shared history, shared wars, shared children, shared enemies. But the economic crisis in the European Union is also highlighting old grievances.
Many in Catalonia and Flanders, for example, argue that they pay significantly more into the national treasury than they receive, even as national governments cut public services. In this sense, the regional argument is the euro zone argument writ small, as richer northern countries like Germany, Finland and Austria complain that their comparative wealth and success are being drained to keep countries like Greece, Portugal and Spain afloat.
The crisis has also produced a loss of confidence in traditional leadership, with voters punishing incumbents and mainstream political parties. That has helped more atavistic nationalist parties, like the National Front in France and Golden Dawn in Greece. But in separatist regions, the same disaffection tends to favor parties advocating independence.
Read article in full at The New York Times en
On the web
Opinion
Euro project has strengthened “tribalism”
In an article on growing regionalist impulses in Spain, Italy and Germany, Peter Coy, the economics editor of Bloomberg Businessweek, points out that–
European unity, the article continues –
... many of the nations of Europe have been nations for only the briefest of times. For most of history they were rivalrous territories, kingdoms, duchies, principalities, and city-states. They were bound by language and culture – and riven by tribalism.
For Coy, part of the blame lies with the euro project, a brainchild of “cosmopolitan elites … who regarded themselves as Europeans first” –
… depends on the unity of nations, which is in short supply. In Italy, the popular and sometimes-secessionist Northern League political party complains that wealthy northern regions like Lombardy and Piedmont are being bled by the south – the Mezzogiorno. In Germany on Aug. 30, a former weekly newspaper editor named Wilfried Scharnagl called for the independence of Bavaria, which joined the German Empire in 1871 but kept (for a while) its own king, army, and postal service.
The elites got out ahead of their own people, who were less “European” then and even less so today. In a survey conducted last May by the European Union, 63 percent of Spaniards said they felt very attached to their city, town, or village. Only 49 percent felt very attached to their country – and only 10 percent felt so toward the EU. Spaniards’ local allegiances have intensified since 2010, while their national and continental attachments have weakened.
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Re: New EC Thread
Panda Tue 9 Oct - 14:46
A small crowd has burned the German flag and been kept away from the Building where the meeting is taking place. Athens has ground to a halt. Mrs Merkel has been quick to Praise Greece , but steered clear of promising the bail-out although she did recognise the hardship the people of Greece were going through but said if progress is not made now , it will be worse in future.
Samares says Greek sacrifices must not go to waste.Merkel ,"we are partners we are friends.
Merkel also talked about something previously unknown. For several months a team of ECB staff have been going around Greece and visiting the small businesses in towns asking their opinions and spoken directly to the Mayors of these towns asking what their immediate needs are to improve the situation
Samares says Greek sacrifices must not go to waste.Merkel ,"we are partners we are friends.
Merkel also talked about something previously unknown. For several months a team of ECB staff have been going around Greece and visiting the small businesses in towns asking their opinions and spoken directly to the Mayors of these towns asking what their immediate needs are to improve the situation
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Re: New EC Thread
Panda Wed 10 Oct - 7:13
Athens Braces for ‘Merkel Time’ as German Chancellor Flies In
By Ben Vickers
| Oct. 9, 2012 5:21 AM EDT |
Posted in austerity, bailouts, bonds, debt, economics, elections, euro, Germany, Greece, Politics
|
A headline in Greek newspaper Ethnos describes today as “Merkel Time.” About 7,000 police are on duty in the center of Athens, half a dozen metro stations are closed from 10am and streets near Prime Minister Antonis Samaras’s office are being shut. The lockdown comes as labor unions seek to ensure their protects against austerity measures are heard by German Chancellor Angela Merkel, who is visiting Greece for the first time since the debt crisis started.
German foreign minister Guido Westerwelle said Merkel’s trip is a sign of respect and recognition toward the Greek people, Italy’s Repubblica reports. But those sentiments may not be reflected in today’s protest marches. Many Greeks hold Merkel responsible for demanding the austerity measures pushed through by the Greek government, and her failure to acknowledge protests in any of the countries worst hit by the debt crisis has marked her image across the region.
Even so, the visit may herald a new approach to the Greek crisis in Berlin. Greece’s Kathimerini suggests Merkel may be taking a more diplomatic approach: the trip “looks like an attempt to bridge differences, an effort to try a little kindness and tact.” Still, it’s unclear whether Merkel offering public support to the government of Antonis Samaras on his home ground will reduce or add to the country’s political instability. As Kathimerini says, “the recent general strike, the daily protests, the clash involving protesting shipyard workers at the Defense Ministry, the ugly exchanges in Parliament, the slew of corruption and tax evasion scandals, the disintegration of PASOK and the ascendancy of Golden Dawn have all contributed to the sense that Greece is a country clinging on for dear life.”
In Germany, none of the larger newspapers carry Merkel’s visit to Athens on their front page. When they do discuss the trip, buried on the inside pages, it is in the context of next year’s election. Less than two weeks ago, the opposition Social Democrat party chose Peer Steinbrueck, a former finance minister, to challenge Merkel next year – opening up the possibility they will argue for more leniency on euro-zone debt. Merkel’s trip may well present a more friendly face to the Greek government, and even suggest a fresh look at austerity requirements – but this is aimed mainly at keeping Merkel atop the German polls.
By Ben Vickers
| Oct. 9, 2012 5:21 AM EDT |
Posted in austerity, bailouts, bonds, debt, economics, elections, euro, Germany, Greece, Politics
|
A headline in Greek newspaper Ethnos describes today as “Merkel Time.” About 7,000 police are on duty in the center of Athens, half a dozen metro stations are closed from 10am and streets near Prime Minister Antonis Samaras’s office are being shut. The lockdown comes as labor unions seek to ensure their protects against austerity measures are heard by German Chancellor Angela Merkel, who is visiting Greece for the first time since the debt crisis started.
German foreign minister Guido Westerwelle said Merkel’s trip is a sign of respect and recognition toward the Greek people, Italy’s Repubblica reports. But those sentiments may not be reflected in today’s protest marches. Many Greeks hold Merkel responsible for demanding the austerity measures pushed through by the Greek government, and her failure to acknowledge protests in any of the countries worst hit by the debt crisis has marked her image across the region.
Even so, the visit may herald a new approach to the Greek crisis in Berlin. Greece’s Kathimerini suggests Merkel may be taking a more diplomatic approach: the trip “looks like an attempt to bridge differences, an effort to try a little kindness and tact.” Still, it’s unclear whether Merkel offering public support to the government of Antonis Samaras on his home ground will reduce or add to the country’s political instability. As Kathimerini says, “the recent general strike, the daily protests, the clash involving protesting shipyard workers at the Defense Ministry, the ugly exchanges in Parliament, the slew of corruption and tax evasion scandals, the disintegration of PASOK and the ascendancy of Golden Dawn have all contributed to the sense that Greece is a country clinging on for dear life.”
In Germany, none of the larger newspapers carry Merkel’s visit to Athens on their front page. When they do discuss the trip, buried on the inside pages, it is in the context of next year’s election. Less than two weeks ago, the opposition Social Democrat party chose Peer Steinbrueck, a former finance minister, to challenge Merkel next year – opening up the possibility they will argue for more leniency on euro-zone debt. Merkel’s trip may well present a more friendly face to the Greek government, and even suggest a fresh look at austerity requirements – but this is aimed mainly at keeping Merkel atop the German polls.
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Re: New EC Thread
Panda Wed 10 Oct - 9:36
IMF Warns Of European Banks' Asset Sales
The International Monetary Fund says Europe's political leaders are running out of time to resolve economic problems.
11:14pm UK, Tuesday 09 October 2012
The IMF says Europe's banks will need to sell off £1.75 trillion of assets
European banks are in the midst of an emergency fire sale of assets worth more than £8,000 for every single household in the continent, it has emerged.
The warning from the International Monetary Fund came 24 hours after it slashed its growth forecast for Britain's economy by more than any other major developed country.
It said political leaders - especially those in the eurozone - are running out of time to put right the economic problems weighing them down.
In its Global Financial Stability Report, the IMF predicted Europe's biggest banks will need to sell off $2.8 trillion (£1.75trn) of assets in the coming months - some $200bn (£125bn) higher than its estimate in the spring.
The IMF's Jose Vinals says the stakes are high
The sum is equivalent to 10,350 euro (£8,331) for each of Europe's 210 million households - and will mean there is less money available to be lent to consumers, worsening the credit crisis.
The IMF added that if the euro crisis worsens, the scale of these sell offs could mount to $4.5trn (£2.8trn) - equivalent to 16,634.78 euro (£13,394.58) for each of the continent's households.
The deleveraging warning is critical to the fate of the European economy, since its major problem at present is that households and businesses are struggling to survive without regular access to credit.
Despite the efforts of the European Central Bank and other regulators to keep the financial system afloat over the summer, the IMF warned that the outlook had deteriorated since it last surveyed it six months ago.
Speaking in Tokyo, where the IMF is holding its annual meeting, its head of financial stability, Jose Vinals, said: "The stakes are high. For instance, if pressures were allowed to continue, major EU banks' total assets could be forced to shrink by as much as $2.8trn, and possibly leading to a contraction in credit supply in the periphery by 9% by the end of 2013.
"In a more adverse case, as illustrated in our weak policies scenario, EU banks' assets could shrink by as much as $4.5trn, and lead to a reduction in the supply of credit in the periphery by up to 18%. In contrast, a rapid move to complete policies would avoid this economic damage."
Although the IMF said the UK remains vulnerable - because of its proximity to the euro crisis and because of the size of its banking system - its financial institutions had at least "made progress through continued divesting and by cutting back non-core activities".
However, the IMF warned late last month that the financial system remains just as vulnerable to a future crisis as it did before the collapse of Lehman Brothers in 2008.
This latest report will add further pressure as policymakers aim to try to repair the banking system.
The International Monetary Fund says Europe's political leaders are running out of time to resolve economic problems.
11:14pm UK, Tuesday 09 October 2012
The IMF says Europe's banks will need to sell off £1.75 trillion of assets
- By Ed Conway, Economics Editor
European banks are in the midst of an emergency fire sale of assets worth more than £8,000 for every single household in the continent, it has emerged.
The warning from the International Monetary Fund came 24 hours after it slashed its growth forecast for Britain's economy by more than any other major developed country.
It said political leaders - especially those in the eurozone - are running out of time to put right the economic problems weighing them down.
In its Global Financial Stability Report, the IMF predicted Europe's biggest banks will need to sell off $2.8 trillion (£1.75trn) of assets in the coming months - some $200bn (£125bn) higher than its estimate in the spring.
The IMF's Jose Vinals says the stakes are high The sum is equivalent to 10,350 euro (£8,331) for each of Europe's 210 million households - and will mean there is less money available to be lent to consumers, worsening the credit crisis.
The IMF added that if the euro crisis worsens, the scale of these sell offs could mount to $4.5trn (£2.8trn) - equivalent to 16,634.78 euro (£13,394.58) for each of the continent's households.
The deleveraging warning is critical to the fate of the European economy, since its major problem at present is that households and businesses are struggling to survive without regular access to credit.
Despite the efforts of the European Central Bank and other regulators to keep the financial system afloat over the summer, the IMF warned that the outlook had deteriorated since it last surveyed it six months ago.
Speaking in Tokyo, where the IMF is holding its annual meeting, its head of financial stability, Jose Vinals, said: "The stakes are high. For instance, if pressures were allowed to continue, major EU banks' total assets could be forced to shrink by as much as $2.8trn, and possibly leading to a contraction in credit supply in the periphery by 9% by the end of 2013.
"In a more adverse case, as illustrated in our weak policies scenario, EU banks' assets could shrink by as much as $4.5trn, and lead to a reduction in the supply of credit in the periphery by up to 18%. In contrast, a rapid move to complete policies would avoid this economic damage."
Although the IMF said the UK remains vulnerable - because of its proximity to the euro crisis and because of the size of its banking system - its financial institutions had at least "made progress through continued divesting and by cutting back non-core activities".
However, the IMF warned late last month that the financial system remains just as vulnerable to a future crisis as it did before the collapse of Lehman Brothers in 2008.
This latest report will add further pressure as policymakers aim to try to repair the banking system.
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Re: New EC Thread
Panda Wed 10 Oct - 16:02
Click on the Photos
Photos: Greeks protest German chancellor's visit
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A protester stands against a barrier erected to protect the Greek parliament.
Photos: Greeks protest German chancellor's visit
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A protester stands against a barrier erected to protect the Greek parliament.
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» New EC Thread
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» New EC Thread
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» Evidence Thread
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