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nein danke to eurobonds , "debt is a national responsibility" [Copy link] 中文

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Post time 2012-6-15 12:03:48 |Display all floors
This post was edited by SMITHI at 2012-6-15 12:16

BBC


The German deputy finance minister Steffen Kampeter has ruled out eurobonds, saying "debt is a national responsibility"





Speaking exclusively to the BBC, Secretary of State Steffen Kampeter said "debt is a national responsibility".
"I don't see any strategies where we socialise and redistribute the bad political decisions made by some who are over-indebted."
The German government has already ruled out full "eurobonds" for now.
That may disappoint investors on international markets whose hopes had been raised by reports that the Germany might be inching toward the compromise mutualisation plan.
The plan, from Germany's so-called "wise men" group of private economic experts, would let countries with debt above 60% of GDP such as Greece issue eurobonds for debt above that level, which would then be paid down over a maximum of 25 years.
In effect, indebted governments struggling to borrow at affordable rates in the commercial markets would be able to take advantage of lower borrowing costs offered to countries within this joint bond, such as Germany.
It was put forward as an alternative to full eurobonds, which would involve eurozone economies clubbing together to issue bonds representing all 17 member nations.
Merkel warning Earlier, Chancellor Angela Merkel said world leaders should not "overestimate" Germany's ability to resolve the eurozone debt crisis.
She told Germany's parliament that the country's options for rescuing the eurozone were "not unlimited".
Mrs Merkel called for more regulatory powers for the European Central Bank, and repeated that growth should not be financed by more debt.
Her speech came ahead of a meeting of G20 nations in Mexico this weekend.
Germany has been central in driving changes within the eurozone and backing the financial support given to debt-laden nations.
But, referring to the G20 meeting, she said: "I say to them Germany is strong, Germany is an engine of economic growth and a stability anchor in Europe... but Germany's powers are not unlimited."
She expected the debt crisis to be the main issue at the summit. "Our country will be the centre of attention. It's a fact, all eyes are on Germany because we are the biggest European economy and a major exporter," Mrs Merkel said.
But Europe would only find a way out of the crisis with a strong "political union" that mandated greater fiscal co-ordination and oversight to put member countries on a "solid foundation", she said.
Mrs Merkel has resisted calls that austerity measures in the eurozone should be relaxed in the hope that it would boost growth. "We must all resist the temptation to finance growth again through new debt," she said.
She also called for the European Central Bank to play a "bigger role" in overseeing banks to avert further turmoil in the industry.
'Misguided' "We need a more independent supervisory authority," she said in an apparent criticism of the European Banking Authority.
Berlin has said the current system is too dependent on national regulators and, in particular, under-estimated Spain's banking problems.
"The EBA conducted stress tests on all European banks a year ago, and the national oversight bodies were very involved," Mrs Merkel said.
"We are now seeing the result. Spanish banks are in quite a different situation than the tests appeared to show."
She said that national banking authorities, on which the EBA relied for its information, had provided results that were as positive as possible "out of misguided national pride".
Mrs Merkel has long argued against what she called "miracle solutions" to the debt crisis, saying that only closer political and fiscal union can solve the problems - something she accepted was a "Herculean task".
Worries in the financial markets that there is still no clear roadmap towards a solution for the eurozone were underlined on Thursday when Spain's borrowing costs hit at a new euro-era high, just days after the country agreed a bailout of its bank sector.
Italy's borrowing costs also jumped sharply amid fears that the country's debt woes were deepening.
Meanwhile, the Prime Minister of Slovakia has said that Greece should quit the euro bloc if it fails to honour its commitments.
Robert Fico said Europe should do all it could to keep Greece within the bloc, but that the country had to adhere to the terms of its bailout package.
With anti-austerity political parties expected to do well in Greece's general election on Sunday, Mr Fico told a news conference: "If the Greeks do not meet the commitments they have made, do not meet their financial commitments, do not repay loans, Slovakia will demand that Greece leaves the eurozone."
The remarks echo similar comments made by the European Council President, Herman Van Rompuy. "We will do our utmost to keep Greece in the eurozone while it is respecting its commitments," he said.
A strong showing for Greece's increasingly popular left-wing and anti-austerity party Syriza is likely to strengthen expectations that the country will leave the eurozone.

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Post time 2012-6-15 12:04:42 |Display all floors
Germany sez to Europe:FOK YOU

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Post time 2012-6-15 14:00:51 |Display all floors
I'm just here for the money

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Post time 2012-6-16 03:09:27 |Display all floors


You going down NATO and EU and all tards of this world

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Post time 2012-6-16 05:06:53 |Display all floors
Greece may lose 1.5 million jobs by the end of 2012
File Photo shows Greeks demonstrating against tough austerity measures.

Fri Jun 15, 2012

Greece’s largest trade union has warned that the crisis-hit country would risk losing about 1.5 million jobs by the end of the year, if it does not take “immediate and urgent measures.”


“There has to be an immediate change in the production model and implementation of development policies to reduce the dramatic impact of the crisis,” the General Confederation of Greek Workers declared in a statement on Friday.

The South European nation has suffered a steady growth in the country’s unemployment rate since the financial stagnancy battered the country’s economy roughly five years ago.

While the country’s unemployment rate was recorded 15.9 percent in the first quarter of 2011, it currently stands at 22.6 percent, showing an approximate 6.7 percent increase.

The EU-required austerity measures, aimed at addressing the country’s debt crisis, are believed to have noticeably contributed to the escalating unemployment rate with which the impoverished South European nation has been grappling for years.

Greece has been the scene of numerous nationwide strikes and protests by the sacked workers, low-income workers and the students who have suffered the most the awful economic situation of the cash-stripped country.


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Post time 2012-6-16 15:59:16 |Display all floors
Reading between the lines i think Germany wants Greece out though they wont say so publicly.  The left-winger leading the Greek Socialist party in the elections is deluding himself when he says Greece will stay in but wants to renegotiate austerity.

The economy is sinking fast and delaying repayment of debt will simply make things worse.
Your own mind is a sacred enclosure into which nothing harmful can enter except by your permission. Arnold Bennett

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Post time 2012-6-16 16:21:50 |Display all floors
St_George Post time: 2012-6-16 15:59
Reading between the lines i think Germany wants Greece out though they wont say so publicly.  The le ...

To be fair Spain got much more favourable loan from Greece , it is mystery to me as why but something is rotten in the way this two are treated differently.

Is this western crusade against orthodox Byzantine nation once again 2000 years after they burned Greek jewel Constantinople?

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