• Germany's news in English
 

Bundesbank chief: No bailout guarantee for Italy

Published: 16 Mar 2013 14:15 GMT+01:00

"Citizens and the government decide national policy, and must bear the consequences," Bundesbank president Jens Weidmann told the weekly Focus magazine, according to interview excerpts released Saturday.

"When major political players in Italy discuss a reversal of reforms or even an exit of Italy from the eurozone and consequently Italian bond yields rise, this should not and cannot be a reason for the intervention of the central bank," Weidmann said.

Elections in Italy last month ended in a stalemate in parliament between right and left. Campaigning had been marked by a reaction against the austerity measures pushed by German Chancellor Angela Merkel in a bid to beat the eurozone debt crisis that has propelled the 17-nation bloc into recession.

On Wednesday Beppe Grillo, head of the anti-establishment Five Star Movement which unexpectedly captured a quarter of the vote in the inconclusive Italian elections, said Italy was already essentially out of the euro.

Grillo has so far refused to form a coalition with Pier Luigi Bersani, whose leftist party came out on top in the elections, nor with ex-premier Silvio Berlusconi's conservatives. His party has spooked Europe with its promise to hold a referendum on the euro and cancel Italy's debts.

Your comments about this article

14:52 March 16, 2013 by raben
This is just a show for the German voters...

Off course Italy will be bailed out, whatever happens..
15:33 March 16, 2013 by liondens
Did they say the same thing about the Spain before they bailed the spanish banks out last year? Oh, I think he meant no bail for Italy, but for Italian banks then hell YES! Right? These people who dumb enough to believe them anyway? But then again...if no one believes them why they're continus to be incharged? This kind of democracy only exists in europe.
20:59 March 16, 2013 by US-TommyBoy
Rings hollow.

But the real reason I am here reading is I was wondering about the Euro Zone bailout (loans) to Cyprus and why this is the first time that they demanded regular depositors forfeit some money to stave off bankruptcy despite the wider run on savings that it might (will) cause. Not to mention riots.

http://www.reuters.com/article/2013/03/16/us-eurozone-cyprus-idUSBRE92E02220130316

Maybe this paper does not update news like Reuters. Reuters got it from Brussels.

if I was in Germany, I would be mighty fearful....even more fearful than I am here in the US.
16:03 March 18, 2013 by tangledeuro
EU (read it Germany) will bailout no-one, but Germany only if ever required..!!
Today's headlines
Schumacher Jr lives up to his name
Schumacher Jr is too young to drink any of that champagne. Photo: DPA

Schumacher Jr lives up to his name

Mick Schumacher Jr did his famous father proud on his Formula Four debut on Saturday by claiming a trophy as the best rookie and finishing ninth, despite starting 19th. READ  

Deutsche Bank to sell Postbank
Deutsche Bank acquired Postbank in 2008. Photo: DPA

Deutsche Bank to sell Postbank

Germany's biggest lender Deutsche Bank announced late Friday it was seeking to sell its Postbank subsidiary as part of a revamp to improve profitability. READ  

Far left activists attack immigration office
Photo: DPA

Far left activists attack immigration office

Far-left extremists attacked an immigration office in Leipzig early on Friday morning. It was the second targeted attack on an official building in the city in recent months. READ  

Steinmeier: Armenia wasn't genocide
Foreign Minister Frank-Walter Steinmeier. Photo:DPA

Steinmeier: Armenia wasn't genocide

Foreign Minister Frank-Walter Steinmeier insisted on Friday that calling Armenian massacres genocide risks belittling the Holocaust, after President Joachim Gauck broke a taboo by using the word on Thursday. READ  

Schumacher Jr launches Formula race career
Mick Schumacher on test day earlier in April. Photo: DPA

Schumacher Jr launches Formula race career

Michael Schumacher's 16-year-old son starts his Formula Four career this weekend, under the pressure of living up to the famous family name of the seven-time Formula One world champion. READ  

Property of the week
In Pictures: The Local's Property of the Week
Photo: Mr Lodge

In Pictures: The Local's Property of the Week

A highly sought-after location, great connection to public transport, and a very stylish interior – Does that sound good to you? Then you’ll love this week’s property! READ  

Germany's most polluted cities
The sun rises behind a coal-burning power station in Lower Saxony. Photo: DPA

Germany's most polluted cities

The Federal Environment Ministry has named the most polluted places around the country, with Stuttgart claiming the undesirable title of Germany's most polluted city. READ  

Göring's daughter fails in bid to win father's assets
Edda Göring photographed in 1942. Photo: Wikimedia Commons

Göring's daughter fails in bid to win father's assets

The Bavarian government rejected on Thursday an attempt by Hermann Göring's daughter to win back her father's assets, which the government seized in 1948. READ  

Tugce accused admits to delivering fatal blow
Tugce Albayrak's death shocked Germany. Photo:DPA

Tugce accused admits to delivering fatal blow

When 22-year-old Tugce Albayrak was fatally beaten in a MacDonald's car park in November 2014, Germany was left in a state of shock. On the first day of her attacker's trial he admits to 'boxing her on the ear.' READ  

Prosecutors want info on spies' help to US
Gerhard Schindler, head of the Bundesnachrichtendienst (BND), Germany's foreign intelligence agency. Photo: DPA

Prosecutors want info on spies' help to US

Federal prosecutors have asked for access on files from the Bundestag (German parliament) inquiry into mass surveillance, after news that German spies helped the US eavesdrop on European leaders and businesses. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Gallery
German beer day: take the tour
Features
Off to Norway at 18 km/hour
Shutterstock
Sponsored Article
10 things you didn’t know about Zagreb (and why you should go)
Gallery
The smileys Germans love to text
Sponsored Article
What expat parents should ask before choosing a school
National
Expats face Monday deadline to register to vote for UK election
Politics
A Greek learning politics in Germany
Features
The battle of the "Gates of Berlin"
National
Germany's favourite baby names of 2014
National
Germany's 'very poor' lobbying record
National
VIDEO: Mario Draghi suffers anti-ECB confetti attack
Politics
Merkel's 15 years at the top of German politics
Features
Spice up asparagus season with The Local's serving suggestions
Travel
Lowest of the low: how woman exploited Germanwings crash
Sport
Football and the €30,000 firework
Technology
Why scientists oppose killer robots
National
Germanwings co-pilot 'searched suicide info'
Technology
Electrifying 'Ostalgia'
National
Which city is Germany's worst for drivers?
National
'Cannibal cop' gets 8 years
Can the 'nightmare' of a pilot downing a plane be prevented?
National
LIVE: Co-pilot suspected of crashing plane
Pupils mourn lost classmates
National
Freed after 25 years on death row
National
Cologne Cathedral returns from space
Features
Paddy's Day, Berlin style
Is your workload 'out of control'? You're not alone...
National
Why east Germans are happy to get it on on camera
National
What would you do with a 250-year-old pretzel?
Features
Just why is the German flag Schwarz, Rot, Gold?
Business & Money
Getting German workers and bosses thinking positive
National
Uplifting thoughts to get you through the last week of winter
National
Who wants the Olympics more - Hamburg or Berlin?
National
Last-minute drama of Germany's Eurovision 2015 entry
National
German photographer takes world's top prize
Features
Meet the woman getting Germans to drink more – and better – beer
Gallery
Get inspired for International Women's Day with German heroes
Green party proposes first-ever cannabis legalization plan
Gallery
In pictures: Germany's seven most livable cities
National
Singapore canes Germans for train graffiti
Politics
Surprise! Germans love feeling like they run the EU
Politics
Anger over plan to show women what men earn
Travel
Munich tram fans bicker over new bell
Features
Kafka: puzzling translators 100 years on
Business & Money
France or Germany: Which country really is the best country to work in?
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

7,216
jobs available
Toytown Germany
Germany's English-speaking crowd