• Germany's news in English

Bundesbank chief: No bailout guarantee for Italy

AFP · 16 Mar 2013, 14:15

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.

Story continues below…

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.


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
Pegida take to Dresden streets - to march against Pegida
Pegida demonstrators. Photo: DPA

Followers of the xenophobic Pegida movement marched in two factions on Monday evening in the capital of Saxony, brandishing fierce accusations of treason against one another.

Is it fair to call the AfD far right?
AfD leaders, from left, Georg Pazderski, Frauke Petry and Jörg Meuthen. Photo: DPA.

The AfD has been dubbed "far-right" over the past year as it has taken on a tougher stance against immigration and made gains in state elections. But at what point does one call a group far-right?

Dresden police guard Islamic buildings after mosque attack
The Dresden mosque that was hit by a homemade bomb attack on Monday. Photo: DPA.

All Islamic buildings in the capital of Saxony have been put under police protection on Tuesday after explosive devices were detonated at a mosque and a congress centre in the city.

Germany blocks WhatsApp data transfers to Facebook
Photo: DPA

German data protection authorities on Tuesday said they had blocked Facebook from collecting subscriber data from its subsidiary WhatsApp, citing privacy concerns.

Stuttgart fest pulls in twice as many boozers as Oktoberfest
Is this Oktoberfest or is this Stuttgart's Cannstatter Volksfest? Can you tell the difference? Well, it's Stuttgart. Photo: DPA.

Apparently Munich is no longer the top place to wear lederhosen and down beer one litre at a time.

The Local List
10 German films you have to watch before you die
Photo: DPA

These films are so good, not even The Cabinet of Dr. Caligari made the list.

Young man destroys 17 cars after visiting Oktoberfest

Early on Monday morning a drunk 29-year-old trashed 17 cars after staggering out of Oktoberfest into the Munich streets. It was one of several eye-popping crimes from "Wiesn" over the past few days.

VW emissions scandal
Audi tech chief leaves after reports link him to 'dieselgate'
Audi's head of technical development Stefan Knirsch stepped down on Monday. Photo: DPA.

Audi's head of technical development stepped down "with immediate effect" on Monday, the luxury carmaker announced, after German media accused him of involvement in parent company Volkswagen's "dieselgate" scandal.

Deutsche Bank shares hit lowest level in quarter century
Photo: DPA.

Shares in Deutsche Bank, Germany's biggest lender, sank to a historic low on Monday after reports at the weekend that Berlin had refused state aid for the embattled lender.

The Local List
The 10 worst German cities for students to find digs
Photo: DPA

It's the start of autumn, which means the start of the university year. But along with the excitement comes the stress of finding housing - and in some glamorous locations this can be a nightmare.

Sponsored Article
The Inner Circle: the secret to dating in Berlin
15 pics that prove Germany is absolutely enchanting in autumn
Sponsored Article
Why Jordan is the ‘Different’ East
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Sponsored Article
Retiring abroad: ensuring your health is covered
Seven great reasons to stay in Germany this September
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
Sponsored Article
Life in Jordan: 'Undiscovered treasure'
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Sponsored Article
The Inner Circle: the secret to dating in Berlin
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
Germany's 17 Olympic gold medals in pictures
14 facts you never knew about the Brandenburg Gate
Ten times Germans proved they really, really love beer
Six things you need to know when moving to Germany
These 10 little-known German towns are a must see
German scientists prove birds can sleep while flying
London v. Berlin: Which is better for startups?
13 mortifying mistakes German learners always make
Enter if you dare: Berlin's best abandoned haunts
10 rookie errors all Brits make when they arrive in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd