• Germany's news in English

Merkel backs Greece but demands change

AFP · 3 May 2010, 16:52

Published: 03 May 2010 12:57 GMT+02:00
Updated: 03 May 2010 16:52 GMT+02:00

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"The lessons must be learned from this situation," she said, unveiling legislation that would see Berlin contributing some €22.4 billion ($29.6 billion) to a €110-billion bailout deal for Athens.

She said she would lead the charge among EU heads of state and government to reform the European Union's fiscal rules, including "possible treaty changes to enable an adequate reaction (to crises) in the future."

"It is the task of this government to configure this stability pact in such a way as to ensure that it cannot be undermined and that it is strictly adhered to," Merkel said. "We will press for the creation of a ratings agency in Europe so that European financial markets become more stable and reactive."

Acutely aware of strong public opposition to the bailout with a key regional election looming, the chancellor stressed that dragging Greece from its deficit precipice was also in Germany's interests.

"It does not just mean we are helping Greece but also that we are stabilising the euro as a whole, thereby helping people in Germany, for whom a stable European currency is of extraordinary value," she said.

The draft law proposed by cabinet will be debated in parliament on Wednesday ahead of a vote on Friday.

Merkel has a large enough majority to push through the legislation without the help of opposition parties, but the centre-left Social Democrats (SPD) seemed to be leaning towards supporting the bill, as did the Greens.

Market analysts saw little risk of the funds being blocked.

Dirk Schumacher from Goldman Sachs said: "While there can be little doubt that many MPs do not like the package at all, things have progressed too far to be stopped now in our view. "We see only a very small risk that the financial help will be stopped by parliament."

As a final step, Germany's president Horst Köhler must sign the legislation before funds could be released.

A top economist also sought to soothe voters' antipathy to what the mass circulation daily Bild dubbed "the fattest cheque of all time", saying that Berlin could turn a profit on the loans.

"We have a good chance of seeing the money again," Michael Huether, head of the influential IW economic institute, told the Hamburger Abendblatt daily.

Story continues below…

"At the end of the day, we could get five percent on the money we have handed out and we ourselves only paid three percent for it. In the longer-term, the rescue package should not impact the taxpayer," he added.

Nevertheless, the government is also bracing itself for a likely legal challenge in the constitutional court, Germany's highest, from academics who campaigned against the creation of the euro in the first place.

On Sunday, eurozone nations agreed to offer a loan package to Greece worth €110 billion over three years, with the IMF providing €30 billion.

And next Sunday, Merkel faces a key electoral test in Germany's most populous state, North Rhine-Westphalia, in a poll that could see her coalition lose its majority in the upper house.

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Your comments about this article

14:29 May 3, 2010 by Bushdiver
I'll be surprised if they see this money back.
15:37 May 3, 2010 by DB1976
How on earth are the PIIGS going to pay their part of the bill? They are in as much if not more trouble than Greece. So, Germany WILL end up paying for all of them.

And the Greek people are ridiculous. Greeks are protesting because they are no longer allowed to steal and cheat and get paid for no work. Are you F**king kidding me. Practically no Greek person pays taxes, how in the HELL will this money get paid back? And NOW the dumb asses are taking to the streets with violence likely driving away the only bit of money the small businessman had left - TOURISTS!

Tell me, how can you in all seriousness protest punishment for your misdeeds? You lied, cheated, and stole and now your pissed for being put in your place while others who have worked their damn asses off have to pay for your now dead party. Take it like men, learn from it, for god's sake and your childrens futures LEARN FROM THIS!

As for Germany, create a separate currency. Its possible, and those who have read the treaty KNOW it is IS possible. Its the only viable solution for Germany if it wishes to remain solvent, other than leaving the union .

This rant EXCLUDES the truly hard working honest Greeks out there who are victims in all of this. But those folks saw this coming a long time ago and have long since moved their $$ and gold / silver out of the country. To those folks I say hang in there, and pray for better days for your country and country men.
15:57 May 3, 2010 by LancashireLad
Germany knows it is unlikely to get the money back. Sadly there is no choice but to pay. If this atricle by the New York times is to be believed, when Greece collapses it is eventually going to bring the rest of Europe - financially weaker nations first - with it. It is not a matter of if but when.

We are not saving Greece here, we are reducing the eventual damage when Greece eventually collapses.

16:35 May 3, 2010 by chimpansi
Germany cant opt out of EUR. If it does its currency will appreciate bcz of trade surplus etc.. and it will start losing on exports. Better idea would be to buy all these dumbass, let the EUR fall and gain on exports. Germany is going to have huge trade surplus at the end of all this. Thanks to rating agency PIIGS bond are like trash now. So if they want to borrow money they will have to do so at higher interest rate. This could turn out to be a good investment for Germany. Borrow from the market at low rate and lend at a higher rate. Damn good deal indeed.
17:24 May 3, 2010 by wmm208
Traders love nothing more than to hang their hat on some politican who think they can stop the markets from moving. Sell, sell, sell....
18:17 May 3, 2010 by Jordano
i think that this is very important for the support of the euro. Other wise we may start buying the $ for more than 1euro.
23:48 May 3, 2010 by baltog
DB1976! If 1976 is your birthsday year,,and you are 34yo...all these melodramatical bullshits you wrote is out of any immagination. STOP here because we cry! The poor Germany looking for a new currency! Ridiculous people in Greece looking for their rights! Honnest greek people exporting the gold(!!) out of their country (you know the job from early 40's)! You wach sooo much TV may! The only senario you forgot is "the Heidy;s fellations"
00:29 May 4, 2010 by wmm208
Just wait until the rest of the PIIGS stick their snouts in the trough. I hope the German taxpayers have some anal lube on hand. About 1 trillion is needed over the next few years. You will "Wish" that this was onlt a Greek problem...

01:32 May 4, 2010 by Logic Guy
Well, it's nice to know that there are a few people in Germany (Real Conservatives), that are aware of the illiogcal nature of associtated with an unregulated global econamy.

Shouldn't there be more people like them, establishing laws in everyday government?

If other EU nations falter, then Germany should strongly consider a total restructering of the EU, including a return to the Deutsch Mark. Other EU involved nations kept their currency.

If no one is willing to make the necessary decisions, then I'm willing.
02:34 May 4, 2010 by wmm208
Logic Guy - The only thing you'll be doing in Euroland is taking deep and hard.
02:49 May 4, 2010 by Hibernicus
The Germans needn't worry about Irish debt. The Irish banks have bad loans up to about €70bn. Most of this has attached assets which are now overvalued. This debt is being transferred to the state debt at a discount of 55%, a current loss of about €24bn.

If the market recovers, the assets will increase in value and the losses will be reduced. The government has cash reserves of €27bn and a reserve pension fund of €20bn and the banks have savers deposits of € 90bn.

The problem for Ireland is having to pay more for current borrowing for state budget deficits due to market volatility and the recession curtailing state revenues.

The Irish economy has real resources to get going with once the banks resume normal lending levels and this will only happen with stability in the Eurozone. We will have to borrow an extra €1bn to pay our share of the Greek bail-out.

Impoverishment of the mass of the population, as suggested by some posters, is sheer lunacy. You don't have enough money to pay the number of police and army you would need to suppress the inevitable revolt and there is no guarantee they will obey orders and not mutiny as in Russia, 1917. Beware what you wish for.

We have seen what happens when the rich get too much surplus cash; they turn the economy into a massive gambling casino. This is not civilisation but, a new form of barbarism. The people will put an end to it one way or another. Fasten your seatbelts, we are in for a bumpy ride. Acropolis Now!
04:26 May 4, 2010 by wmm208
relax Hibernicus, The only thing Germans will be doing for the next few years is pay, pay, pay. Your Govt is telling you its to help Greece but its to help your banks which have loans to greece. Dont think your going to "invade" Greece. Not going to happen. The only think you will be doing is "paying" for Greece, and Spain and Portugal, etc etc, etc...thats because yoru corrupt Govt is doing deals with German bankers who are ripping you the taxpayer off. And there is nothing that you can do about it. Pout, cry and complain all you want. Deflation is coming soon.
05:52 May 4, 2010 by pmach
wmm208 are you a closet Greek by chance.

Germany clearly is the undisputed master of Europe!!

¦quot;The heads of the European Central Bank and the International Monetary Fund made a joint pilgrimage to Berlin, pleading with lawmakers in the Bundestag to throw their full weight behind rescue efforts before the chain reaction spreads to Portugal and the rest of the emu periphery. Their presence as supplicants in Berlin marks the symbolic moment when Germany appears the undisputed master of Europe¦quot;

Germany is going to milk this golden cow for all its worth.
06:02 May 4, 2010 by wmm208
pmach - It doesnt matter what your return on investment is because everything will around you will be falling. including your pants when a Greek asks you to bendover. Then a Spainard. Then a Portugese. You are being sucked into deflation with you money and German bunds are now suspicious. For gods sake, the ECB just activated a line with the Fed to distribute USD in Europe. Are you that naive that you will be "king" or be in the best "castle" or that all your people will be "Knighted"? Your screwed...In the ass....
06:34 May 4, 2010 by pmach
wmn208 obviously you failed at economics and reality. No need to worry about the Germans or me being screwed they are as I said the undisputed Kings of Europe and a silent and powerful superpower. Germany will benefit by this in many ways as it allows them to further rape and pillage the Piigs much like how the rest of the world works eh!. The strong screw over the weak and the piigs will pay or they will become German equity.

As far as your comment "Your screwed...In the ass.... " I don't return favors!
06:51 May 4, 2010 by wmm208
pmach - You sound uneducated.. You do realize this money is only going t help the loans that German banks have at Greece, Portugal, Spain? Not one dime is going to help Greece and the people. Thats why Germany will have to spend over 1 trillion in the next few years just to stabilize the region and the Euro which the evil zionists are sending down further everyday...Schade.... AND on top of that deflation is setting in. Do you know what "deflation" is? If not, you soon will. Its going to hurt. So bad...The PIIGS become German equity? Are you out of your mind? Do you realize how long bankruptcy procedings take place in teh PIIGS nations? You will never recoup your losses. You will have to haircut your loans up tp 50%. Do you like hairy Greek men or do you like Smooth Portugese men? Either one can take car of that fat German ass of yours.
07:12 May 4, 2010 by pmach
More BS from wmm208. Do I realize how long bankruptcy proceeding take that don't even apply to Government LOL.

Not only that we now have a Zionist conspiracy on are hands. LOL Germans have been around longer and rebuilt from utter and complete destruction in record time after world war two and you think they dont have a hand in all this including the Euro's creation. There was never any overwhelming benefit to Germany having the Euro...at least until now as it drops the value of the Euro and helps Germany regain a huge advantage again in exports and increased revenue streams from its PIIGS bitches. The Euro was getting too strong anyway and needed to be brought back down to a lower level to preserve Germany's export powerhouse status as the worlds number 1 exporter..much like China has floated its currency lower to the total dismay of the US economy. Germany was a willing participant all along and has also known all along it would bail the Piigs out...they just didnt want to make it look so obvious. By the way I am extremely fit wmm but nice try again....your still a loser and I do feel sorry for you having to live with your mother and all at 50 years of age.
07:32 May 4, 2010 by wmm208
pmach - Dont forget that the PIIGS bitches as you call them are your #1 trading partners (EU). Oh, okay, so the decline in the Euro is good because it benefits Germanys current trade surplus. What will you say as DEFLATION is grabbing your country and you cant get bank loans to finance the expansion of ports, ships, busses, employees for this HUGE turn of fortune you predict? Nowhere buddy because banks are not lending. Not even in your precious Germany. They wont for a long time either. And wages will be cut, that should help the hard left and your EXPANSION theory. Now you admit defet. Saying you ALWAYS KNEW you had to bail out teh PIIGS. Please. Your talking out of your ass. You didnt know that bitch. C'mon. And your not bailing out the PIIGS. Your bailing out your very own failed banks whoch happen to have loans at PIIGS so dont think your feeding or clothing people. Your a thief. You dont know where I live and I am in a STRONG currency which just this week had to extend the ECB a swap line so Eurination can be issued in US Dollars when the Euro fails. Look it up fatty. Its happening! German exports are going nowhere. No financing available for expansion. Unions will halt any type of recovery. You are already going back into recession. I bet you have a bad haircut and wear funny clothes. Loser. umph
08:20 May 4, 2010 by mrsams
Oh man! no sleep again? this german hater has insomnia and arbeitslose.
15:11 May 4, 2010 by pmach
wmm208 is a German hater so beware he is also a flaming loser as noted by his comments. He likes to argue but after he loses he becomes a poor sport which is typical of his type of character. I can very safely say and back it up that I dont have a funny hair cut or where funny cloths and I work out 3 days a week not including all the other activities so wmm208 in person you wouldn't have such a big mouth typical of your loser type. Lets exchange some information for posting purposes and we can show everyone what you look like for a good laugh!! Now wmm by comparison I have always been considered to be very attractive unlike yourself. I could still model today, however wmm208 unfortunately could not claim anything other than utter loser and ugly to boot is the typical look of his demeanor(likley smells too). So take your little Germany will fail attitude and stuff it where the sun wont shine as for now they are the undisputed champions of Europe regardless of your mad ravings and conspiracy theories.

But little brained people like wmm208they are fun to toy with.

Bye bye wmm208 loser
17:31 May 4, 2010 by wmm208
Why Socialism Must Always Fail

"Without calculation, economic activity is impossible. Since under Socialism economic calculation is impossible, under Socialism there can be no economic activity in our sense of the word ... All economic change, therefore, would involve operations the value of which could neither be predicted beforehand nor ascertained after they had taken place. Everything would be a leap in the dark. Socialism is the renunciation of rational economy." -- Ludwig von Mises, Socialism
18:12 May 4, 2010 by pmach
Speaking about calculation;

Germany¦#39;s waiting game has worked out well for the new master of Europe. The longer Germany waited to make a bailout decision, the more Europe and the world looked to Germany for a solution-and the greater the political concessions that were offered.

But there were economic benefits to playing the waiting game, too. It was an opportunity to stifle European competition. As interest rates soared in Greece and its southern European neighbors, corporations in these local markets were forced to pay higher interest rates. Businesses in Germany faced no such pressure.

More importantly, as Germany dallied, the euro plummeted. Against the U.S. dollar and Chinese yuan it fell more than 13 percent just since December. The weaker euro made European exports less expensive. A newly imported $50,000 Mercedes could now be had for only $43,500 in America. Meanwhile, a domestically manufactured Cadillac still cost $50,000. Although this benefited all European exporters, with Germany the second-largest exporter in the world (ahead of America), it disproportionately benefited German big business interests and the German economy.

On May 2, Germany announced that it would participate in a €110 billion bailout package for Greece (although Germany¦#39;s high court still has to rule that the bailout does not violate German law). Only time will tell if the dominoes have been propped up. If not, you can be sure Europe will soon be turning to Germany for the solution again. Germany knows this.

Ultimately, however, whether or not Greece stays or is forced out of the eurozone is somewhat irrelevant. If Greece were to be kicked out, the remaining eurozone would be economically stronger. If Greece stays, Germany has already extracted its pound of flesh, and the Greek crisis has served its purpose. As the Globe and Mail highlighted on May 1, economically speaking, Europe has become a German colony.

It is this reshaping and reforming of Europe that is the key event to watch. And when the crisis is over, and Germany has solidified its rule over the Continent, then it will be America¦#39;s turn to watch out. A new, stronger, more unified European superpower is on the way. Crisis and climax will soon morph into resolution. The new emerging European ensemble of nations is already marching to a distinctly unique tune-and it sounds like something written by Wagner.
19:46 May 4, 2010 by wmm208
Spain annouced they need 300bn today. Anal lube ready pmach? More like Symphony #9...Toll....
20:46 May 4, 2010 by pmach
Anal lube ready for what wmm208? You sound very jealous of Germany's success. Opportunities our everywhere now Spain too. What to do what to do when plans work out so well!!! Germans are going to need the lube alright for all the Greek and Spanish women looking for real men..the German Gods of Europe.

PS ...You best keep your own supply of butt lube wmm208 for you and your new cat.
20:52 May 4, 2010 by wmm208
How do you equate loaning a foreign country money powerful? What is your logic for that blasphemy? Why should a plumber or auto worker in Germany pay for Greece and now Spain? How does that work? Your a German, your not nationalistic. Remember, you cant be proud. No flag waving while you pay for other countries problems.

21:22 May 4, 2010 by pmach
Nice word blasphemy...not.

You will just have to sit back and take your medication and watch and see. I dont like teaching idiots who cant grasp political science, economic policy and or sovereign debt. We cant tell you everything and well you lack the required IQ to speculate anyway.

I think the cat story is more to your speed wmm.
21:24 May 4, 2010 by wmm208
What Europe has entered is a full fledged funding crisis. This has all the implications that Europe is heading down the same road the US did a few years ago especially with the likes of AIG. This is nowhere near over. The mere fact that Germany is asking for her banks to participate in bailouts is a sign that the ECB is no longer confident in their abilities to provide liquidity. This liquidity crisis was well known to come because of the governments intervention has stopped. Once that happens, liquidity dries up, banks no longer have adequate funding and the fun begins. Deflation cometh aus Deustchland....Tschuessi
23:15 May 4, 2010 by Logic Guy
Well, It's amazing in how wmm208 (Peschvogel) is allowed to spew such iniquity on this site. Where are the regulators?

Answer the question for us all. Why do you speak such hateful

words towards Americans, Germans and other Westerners?
00:03 May 5, 2010 by wmm208
You need to worry about keeping your own house in order first. Stop trying to conquer and divide on this continent. Keep that garbage for you castle loving, uber royalty jealous Eurination.

Just 5 months ago, the Europeans were snubbing their noses at our weak currency, charging us $8 for Big Macs and Starbucks Coffee. Claiming that our currency was backed by "worms and nightcrawlers", since the Fed had monetized some delinquent Cabela's receivables during the initial phase of Quant Sleaze. My how things have changed.

Today, Wall Street players can easily fly to Paris and London and all the high end escorts are all available at 35% discounts these days.

The Europeans thought they were "All That", with their lunch time siestas, generous unemployment benefits, the "pensions for life" jobs, and uninhibited women.

However, the tide has changed and the currency backed by the worm-infested Fed balance sheet is now the hot ticket. And notice how the purveyor of these worms was shot out of a cannon today.

Up 13% as many are bypassing the Fed and our currency and are now buying directly from the manufacturer. Europe is going to sh*t.
06:36 May 5, 2010 by pmach
Yea, keep your house in order like wmm208 mother keeps his house...I mean her house in order. Wmm hasn't moved out yet.

Wmm doesn't know squat about Wall street, players etc but his knowledge of escorts is probably spot on as he has to pay for it I am sure.

I think in paragraph 4 he has Europe confused with Mexico if that's a surprise to anyone..chuckle chuckle.

How delusional is this though..."The Fed balance sheet is now the hot ticket" Thats after the Fed which is governed by a bunch of crackheads who in fact feel its unnecessary for anyone to review/audit their balance sheet as a matter of public security...what utter BS. The Feds balance sheet needs to be made public and when it does there will be many questions regarding how a private corporate entity has managed to escape the regular channels of corporate law and GAAP. After all the Fed is not a Government entity..but they think they are. But hey hot ticket.....no but it will be a hot story and perhaps the tipping over of the US economy into a free fall.

Lost me on the last
07:35 May 5, 2010 by wmm208
The Fed will be servicing your ass soon. The Fed has ACTIVATED a line to issue USD's soon to the ECB. Fact, look it up. Dont bad talk The Fed. Why cant you just shut up and pay your part for the bad loans German banks have to Greece, Spain, Portugal, Italy, etc. Dont complain and pay, pay, pay....USD & US economy is rocking...Schade...
14:59 May 5, 2010 by Prufrock2010
The Mediterranean should now be called the Bay of PIIGS.
15:00 May 5, 2010 by pmach
Nope they wont so wrong again wmm. Perhaps you should take your own advice, firstly its Germany's government making the decisions verses the FED which is a private corporation that prints money for the US government and doesn't want anyone to audit its books. So you are defending what could be a completely offside entity without any knowledge of the condition of their balance sheet or whats behind the bailout lending,

All the US and FED have done is moved all the bad debts to the FED fool (all better now). So how did it fix anything? Talk about a shell game that goes know where.

So perhaps you should just go away and shut up because you have already lost many times over and perhaps consider how the US will pay over $14 Trillion in liabilities...yes that's $14 Trillion fool??.
15:32 May 5, 2010 by Prufrock2010
Reading a "debate" between peschvogel (wmm208) and pmach is like watching a tennis match between Stevie Wonder and Ray Charles. No points scored. Endless love.

Not even their personal attacks are creative. What an abject waste of bandwidth.
16:04 May 5, 2010 by pmach
I agree with you Prufrock. I am just toying with wmm because as he is merely an agitator with cause and that's what I and giving him back. A waste of my energy but thankfully I am corporate home based so no big deal. You can do corporate banking from just about anywhere these days. His arguments are baseless and in return so are some of mine but with the jabs. At the end of the day how can either continent justify or ever increasing debt and then argue and say that because Germany is bailing out the PIIGS that they will go down yet the North American Continent ie US spends how much a year alone fighting an endless wars. There is always a way out as proven buy the US and the same will happen in Europe, however I would rather take the investment in the PIIGS than the investment in the middle east. The middle east cant be won and its a money pit like no other which can never be won without wiping the Muslims off the map... at the end of the day its all about total debt and debt service. And as long as you can service the debt your in business.
17:19 May 5, 2010 by wmm208

"The middle east cant be won and its a money pit like no other which can never be won without wiping the Muslims off the map"

There is the xenophobia trait. I knew you had the genes.

ECB¦#39;s Weber Sees Threat of ¦#39;Grave¦#39; Greek Contagion


Servicing debt for Greece, Spain, Portugal, etc seems to be a tall order. Eh pmach? Schade...
18:05 May 5, 2010 by gagaou
While you guys are acting as world class ecomists on the Local people seemed to have died in protests today.
18:22 May 5, 2010 by wmm208
Thats because the euro and the Eu are structurally flawed. Unfortantely, there will be more victims from the collapse of the Euro. The EUR/GBP trade is widening. The EU & the Euro are set to collapse.
18:32 May 5, 2010 by pmach
The agitator sounds like he is getting very agitated himself.

Servicing the PIIGS is far less than servicing $14 Trillion US liabilities and an endless war crime. But good luck with that.

I like all the links you provide but reading other opinions is really mute isnt it wmm and a poor form of pursuation in this context. You are far better off looking at this from the prespective of finance to understand the real story. The US no longer publishes many of its key financial data which have been REMOVED from there GOV sites and for good reason because according to GAAP the reality is bankruptcy for the US by the numbers and they cannot technically pay or service the debt rationally with debt service on the published debt now exceeding $2 Trillion a year man!!!!!!!!! Not including the other national and foreign obligations. Can you imagine how big that number is wmm $2 Trillion to just keep your head afloat and that's not even the bottom line!!!. So keep your links to yourself and dive into the data if you actually know how to do that which I doubt. The US is also loosing much of its revenue base do to off shoring jobs (your consumption economy and all those high paying jobs gone plus immigration at the current level with displace the domestic populace by 2050 with new low paying jobs to service all that big debt bubble you got going on there. What a joke! Germany on the other hand maintains it production base and sends much of its work to the low wage Baltic states where it can maintain control and what goes to Japan/China is to service Japan/China, But dont forget who taught the Asians long ago when they where just evil JAPS to the American propaganda machine on how to build those cars and they where working with the Germans learning how to further develop the auto industry. Cant beat em them invest in them and help them grow is the German way. The Germans again there too have another investment worth its weight in gold. Dont forget about who controls all the EU gold as well as all the members pledge gold. Where is the US with its gold stores as you cant audit that either and another very big issue. Germany has invested hundreds of billions into Europe manufacturing as well as here in Canada as well. US cant say that no can they. The US has sold out its people and left them holding the debt bubble.

So again by comparison the US has much more debt to service and Germany can afford on the same model to spend another $900 billion without batting an eye. But they will however wine about it to no end.
19:05 May 5, 2010 by wmm208
Looks like Spain's banks are the next to go under:


21:11 May 5, 2010 by pmach
Looks like Spain has been entrapped by debt as well. If debt works to control us then it must work to control countries as well. Look what else Merkel's up to;

Techical solution is to create a EU debt product of high secure value, and one debt mechanism for all of the EU block is coming.


"A good European is not necessarily the one who helps quickly. Much more it is someone who sticks to European treaties and national laws and who makes sure that the stability of the eurozone and of all of Europe sustains no damage.

" But she admitted the EU's Growth and Stability Pact governing member states' budget deficits and debt had to be changed as a "lesson" of the crisis. Merkel said there should be tougher penalties against member states that break the rules, suggesting that Germany was ready for a fight with its EU partners to push through the changes.

"We are at a crossroads. The Greek crisis has brought it home to us in drastic fashion what a lackadaisical budget and financial policy can lead to," she said.

One more thing, this web site http://www.thetrumpet.com/ is hell bent on a German comback and they study Germany like no other group I have ever encountered. As much as I am suspect of there motives they have watched every step of Germany over the last 60 years. That in its self is worth a story here.
21:40 May 5, 2010 by wmm208
Dont trust German financial vehicles or German banks:

NEW YORK, May 5 (Reuters) - A federal judge has rejected a request by German bank IKB Deutsche Industriebank AG to throw out investor lawsuits accusing it of fraudulently creating a risky debt vehicle it knew was likely to default.

U.S. District Judge Shira Scheindlin in Manhattan ruled against the bank late Tuesday, one week after she rejected requests of rating agencies Moody's Investors Service and Standard & Poor's to dismiss them as defendants.

The class-action lawsuits filed by King County in Washington state, which includes Seattle, and the Iowa Student Loan Liquidity Corp concern the structured investment vehicle Rhinebridge.

They allege that the defendants fraudulently misrepresented the value and risk of Rhinebridge and related senior debt, knowing that the vehicle held risky, subprime mortgage-backed assets. IKB did not immediately respond to a request for comment. Moody's is a unit of Moody's Corp, and S&P is a unit of McGraw-Hill Cos.

The cases are King County, Washington v. IKB Deutsche Industriebank AG et al, U.S. District Court, Southern District of New York, No. 09-8387, and Iowa Student Loan Liquidity Corp v. IKB Deutsche Industriebank AG et al in the same court, No. 09-8822.
22:20 May 5, 2010 by pmach
Thats really nothing, Look at Goldman.
22:33 May 5, 2010 by wmm208






22:44 May 5, 2010 by pmach
Go back to previous points as you are now going in circles again wmm. You do waste everybody's time don't you.
22:48 May 5, 2010 by wmm208

On a per capita basis, Euroland is doomed....
00:43 May 6, 2010 by pmach
wmm is doomed to failure all over this website and apparently by the overwhelming majority.....game over for wmm.

you loose

game over

game over

game over

game over

you loose.

game over
01:32 May 6, 2010 by wmm208
pmach - Eurination (EU & Euro) are doomed. You are in denial & malaise You mock me now but you will be sorry. So toll. Schade..
04:06 May 6, 2010 by Der Grenadier aus Aachen

You don't have the faintest idea what you're talking about. External debt can be a genuinely good thing, depending on the interest rate at which it is held, and the terms for which it is secured. It's no different than getting a bank loan; it can be a good loan, or a bad one. The problem the US has with external loans is two-fold:

1) She is making more and more of them on unfavorable terms to reassure investor confidence.

2) She consistently fails to pay them back.

Neither of these are errors that effect the affluent members of the EU block, and it's precisely what Germany is yelled at Greece about.

You just speak without having any idea what this information really means. It's mildly frustrating.
04:39 May 6, 2010 by wmm208
Angela Merkel said:

"We owe decades of peace and prosperity to the understanding of our neighbours."


I was rather under the impression that whilst the Allies were providing a nuclear umbrella and boots on the ground, Europe was using the money saved from their defence budget to build an unsustainable welfare state.

What astonishing arrogance tripled with historical ignorance and a typical socialist disdain for America. Looks like big fat momma is going to get a plate of reality.
20:45 May 7, 2010 by Zlik
The market drop A day ago, roots may never be really solved. But she had shown he urgency in this Grecce matter a few days ago. Recall?
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Deutsche Bank reports surprise quarter billion profit
Photo: DPA

Troubled German lender Deutsche Bank reported Thursday a surprise €256-million profit in the third quarter, compared with a loss of more than six billion in the same period last year.

US 'warned Merkel' against Chinese takeover of tech firm
Aixtron HQ. Photo: DPA

The German government withdrew its approval for a Chinese firm to purchase Aixtron, which makes semiconductor equipment, after the US secret services raised security concerns, a German media report said Wednesday.

Long-vanished German car brand joins electric race
Photo: DPA

Cars bearing the stamp of once-defunct manufacturer Borgward will once again roll off an assembly line in north Germany from 2018, the firm said Wednesday.

Eurowings cabin crew union to strike all day Thursday
Photo: DPA.

UPDATE: A union representing cabin crews on Lufthansa's budget airline Eurowings has announced that strikes will last all day Thursday as ongoing contract negotiations continue to falter.

Hesse hopes to set example by building Iraqi orphanages
Refugee children in northern Iraq. Photo: DPA

The wealthy central German state of Hesse has set aside €1 million to build a school, family homes and an orphanage in northern Iraq, in an effort to help refugees there.

The Local List
10 German clichés that foreigners get very wrong
David Hasselhoff. Photo: DPA

Whether it be efficiency, humourlessness or a love of a certain Baywatch star, there are many cliches stuck in the heads of foreigners about Germany. But how true are they?

Fake Germanwings victim relative convicted in Cologne
A torn piece of metal at the crash site in 2015. Photo: DPA

A German court on Wednesday gave a woman a year's suspended jail sentence for posing as the cousin of a victim in last year's Germanwings plane crash and obtaining compensation offered by the airline.

Couple accused of torturing, murdering women go on trial
The so-called 'house of horrors' in Höxter where the couple allegedly tortured and killed women. Photo: DPA.

A couple accused of luring women to their village home with personal ads started trial on Wednesday over charges that they tortured and killed at least two of their victims.

After July attacks, govt drafts new video surveillance law
Photo: DPA

The Interior Ministry is drafting a law which will enable public spaces to be filmed for surveillance purposes as a reaction to deadly attacks in July, according to a newspaper report.

Merkel: murky internet giants distort perception of reality
Angela Merkel. Photo: DPA.

Chancellor Angela Merkel called on Tuesday for internet giants to make public their closely-guarded algorithms, claiming that they are not giving people diverse enough information.

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