Germany will not sell-off or allow any of its over 3400 Tonnes of gold reserves held by its central state bank, ‘Der Bundesbank’, to be used to bolster the rescue fund for crisis bound Euro-zone countries. So said the Germany Economy Minister Philipp Rösler today.
For the sake of clarity one ton or ‘tonne’ of gold equals 1000 kilograms of gold except in [...] Continue Reading…
Hundreds of Berliners again took to the streets this Saturday to demonstrate against the present financial system in which banks are attempting to force governments to make taxpayers pay for their mismanagement, profligate casino type hedge fund betting and unfettered greed.
This was the 2nd Saturday in a row that demonstrators marched to this theme – last weekend, around 10,000 people took part [...] Continue Reading…
The German Minister of Finance Wolfgang Schäuble is reported to have said yesterday that non-government private commercial lenders to Greece should either take a hair-cut or be given a hair-cut.
Brussels also wants these private banks to accept ‘haircuts’ – losses- of 30%-50% of their holdings in Greek debt instead of the presently agreed 21%.
In other words private banks should [...] Continue Reading…
Pull up those PIGS!
Blog reader Theo sent in this picture on the Auguststraße in Berlin.
It is of a very large poster against the bank-bailout which are presently being planned in the EU and satirizing the present state of affairs – Merkel and Sarkozy pulling the strings.
These so-called PIIGS countries are the scapegoat, or have become the sacrificial lamb in the recent international financial crisis. [...] Continue Reading…
Today the German parliament, the Bundestag voted in favor of German tax-payers money be used to increase the Euro-zone rescue fund to circa 440 billion Euro. This is a powerful signal to the international financial markets, and it shows that Germany takes its European responsibility seriously . It was also a personal win for Angela Merkel and Wolfgang Schäuble, her [...] Continue Reading…
The British Foreign Secretary Hague – who must have won the ‘upper class twit of the year award’ at least once – has likened the Euro zone to a ‘a burning house without any exits’
The arrogant and affected Hague then went on with another of those patent absurdities claiming that the Euro was a ‘historical monument of collective stupidity’.
He [...] Continue Reading…
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‘OTA-Berlin Constituency Blog’ is part of OTA-Berlin – the economical ‘Apartment-Alternative to Hotels’ in [...] Continue Reading…
The opinions expressed are not necessarily those of OTA-Berlin but of the contributor – in this case Mr Emil Hoogensteyn. Blog articles and subsequent comments that appear on the site are not the opinion of OTA-Berlin but only of the comment writer. While we welcoming any linking to the blog the contents may only be reproduced or copied with the prior [...] Continue Reading…
Angela Merkel, the German chancellor, along with French president Sarkozy played a central role in bringing about what could be called a re-birth of the European Monetary Fund , which was created to correct the Euro currency’s’ major built-in design flaw, namely the existence of a common currency without a corresponding common political union.
German newspapers were generally positive after Friday’s emergency Euro-zone [...] Continue Reading…
The German Chancellor Angela Merkel yesterday reiterated her firm view that “substantial” aid from private creditors is necessary to resolve Greek debt concerns.
Greece is facing imminent default on its state loans owed and the question is whether or not to release the next instalment of circa 12 billion Euro which they need to pay their outstanding bills next month.
The [...] Continue Reading…
The opinions expressed are not necessarily those of OTA-Berlin but of the contributor – in this case Mr Emil Hoogensteyn. Blog articles and subsequent comments that appear on the site are not the opinion of OTA-Berlin but only of the comment writer.
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Germany has indicated that it will not try and 2nd guess or prejudge US criminal sex allegations against [...] Continue Reading…
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