by Phoenix Capital Research
Since November 2011, I’ve been saying that Germany will leave the Euro, but NOT necessarily the EU. The reason? Well, for one thing Germany laid out legislation that would allow this happen. Then of course you have the following comments from Germany’s finance minister Wolfgang
Wolfgang Schauble admits euro bail-out fund won’t halt crisis
Europe’s “big bazooka” bail-out fund is not ready and won’t stem the debt crisis that on [...]
Wolf Richter www.testosteronepit.com
Tourism, Greece’s second largest industry after the shipping industry, and already in a downdraft, is taking another hit as tour-bus drivers will go on strike next week; wage negotiations havedeadlocked. Owners demand that drivers take an additional 50% cut in pay and benefits on top of the 20% cut they’ve already suffered.
The National Organization for Healthcare Provision (EOPYY), Greece’s state-owned health insurer,hasn’t paid pharmacists for months and owes them €540 [...]
by Mohamed El-Erian, Project Syndicate
FRANKFURT – On a recent trip to Germany, I was struck by two distinct narratives. One narrative features a robust German economy with low unemployment, strong finances, and the right competitive position to exploit the most dynamic segments of global demand. The other narrative describes an economy that is encumbered by never-ending European debt crises whose perpetrators seek to shift their responsibility – and their financing needs – [...]
The ill will many Greeks feel toward Germany for imposing painful financial conditions on the massive loans the country made to them are just a normal response to a difficult situation, says German Finance Minister Wolfgang Schaeuble. It’s natural for people suffering from their own mistakes to blame others, Schaeuble tells Steve Kroft for a story explaining Europe’s debt crisis – a scenario that could worsen and affect the U.S. [...]
by Phoenix Capital Research
While the mainstream financial media and 99% of investors continue to believe that Germany will align itself with the EU, we’ve been pounding the table Germany will in fact look after its own interests rather than the EU’s and that it might in fact leave the Euro temporarily.
We’ll start with German Finance Minister Wolfgang Schauble, who was hinting that the EU was off-track in its policies and that Germany was [...]
Uploaded by RussiaToday on Dec 7, 2011
The Eurozone is facing immense pressure to come up with a decisive rescue plan to its worst-ever debt crisis. A summit in Brussels later this week is considered the last chance for the Euro. EU leaders are expected to pore over the French and German leaders idea to revise the Lisbon Treaty – the 2009 agreement which reorganised how the entire EU works. President Sarkozee and [...]
The next 8bn euros of rescue loans will be withheld from Greece until after its referendum on the eurozone rescue plan, European leaders say.
French President Nicolas Sarkozy said it could be held on 4 or 5 December.
German Chancellor Angela Merkel said the vote was over whether Greece wanted to stay in the eurozone.
Greek PM George Papandreou was summoned for crisis talks ahead of the G20 summit in Cannes to [...]
BERLIN — For decades, Germany’s role in Europe has been to supply the cash, not the leadership. With fresh memories of war, the continent was cautious about German domination — and so were the Germans themselves.
But the economic crisis has shaken Europe’s postwar model, and Germany increasingly calls the shots. As countries struggle to pay their debts, only Chancellor Angela Merkel has enough money to haul them out of trouble. [...]
By News Wires (text)
REUTERS – Plans to tackle the euro zone debt crisis have stalled with Paris and Berlin at odds over how to increase the firepower of the region’s bailout fund, French President Nicolas Sarkozy said on Wednesday.
Sarkozy told French lawmakers the dispute was holding up negotiations and flew to Frankfurt to talk with German Chancellor Angela Merkel in an attempt to break the deadlock ahead of a make-or-break European [...]
The loss of America’s AAA credit score has sparked panicked sell-offs on global markets. After several days of concern over whether France would retain its highest status, ratings giants reaffirmed its top billing on Wednesday. But investors remain unconvinced the country’s finances are solid enough. Problems in the Eurozone will be up for discussion by the French and German leaders next week.