Tag Archives: Germany

GREECE WILL NEED NEW BAILOUT, ADMITS GERMAN FINANCE MINISTER

Germany’s finance minister Wolfgang Schaeuble, has admitted for the first time that Greece will need another bailout. Germany had been reluctant to publicly say this ahead of the countries elections in September. Any new bailout will be very unpopular in Germany.

However, it is believed that a third bailout will be considerably smaller than the previous two the country has received.

Read More: The BBC

HOMESCHOOLING FAMILY FIGHTING DEPORTATION TO GERMANY

Uwe and Hannelore Romeike fled Germany in 2006 over the family’s decision to home school their children. Homeschooling is banned in Germany, after school attendance was made mandatory in 1918, and homeschooling was finally banned outright by Hitler in 1938.

Uwe and Hannelore Romeike now live in Tennessee with their six children, and have been seeking political asylum. They argue that their right to choose the type of education they want for their children is not respected in Germany.

German home schoolers face significant fines, and even risk their children being taken into care.

The Romeike’s were initially granted asylum status in 2010, but the U.S. Immigration and Customs Enforcement appealed the decision with the Board of Immigration Appeals. The Board overturned their asylum status.

The family now plan to fight the Board’s decision in the Sixth Circuit Court of Appeals, which will hear the case on April 23.

The attorney for the family believe they have a strong case, arguing that a parents right to choose the form of education for their children is granted in Article 26, section 3 of the United Nations’ Universal Declaration of Human Rights which reads: “Parents have a prior right to choose the kind of education that shall be given to their children.”

Read More: ABC News

Angela Merkel recoils from Greek showdown on Spain contagion fears – Telegraph

Angela Merkel recoils from Greek showdown on Spain contagion fears – Telegraph.

Angel Merkel

The German Chancellor Angela Merkel has been visiting Athens today, for the first time in three years. She comes at a time when Greece is looking for the next €31.5bn tranche of aid. Without the aid Greece will run out of money by the end of November. Recent figures show Greece has been in recession for 5 years, it’s economy has shrunk by 22%, and youth unemployment is currently at 55%.

Mrs Merkel was met with angry protestors and required 6,000 police officers to protect her. Greeks, and the Greek media, greeted her with Nazi insults.

Both the EU and IMF have been insistent that Greece steps up austerity measures in order to receive the money. However, Mrs Merkel came to Athens with a softer tone than Athens has previously heard.

There has been mounting pressure on Germany not to allow Greece to default, thus forcing her out of the eurozone. If Greece were to exit, then Spain would likely follow, and the euro would break up. Also tougher austerity measures could result in the collapse of the pro-Europe ruling coalition. If the Greek government collapses it would likely be replaced by either a far-right or far-left alternative. That could destabilise the entire region, affecting the Balkan region and Turkey, something no one wants to see.

It is likely Greece will receive the next instalment of money, however the €31.5bn will only keep Greece afloat a few more months. And as time passes both Spain and Portugal are edging closer to requiring more bailouts.

Why is the German Courts Ruling Important?

The eurozone countries, in their attempts to contain the debt crisis had ratified an agreement to create a permanent bail-out fund, the European Stability Mechanism (ESM), the permanent fund was to be €500 billion ($638.8 billion). However, some German lawmakers said that German involvement in the fund was in breech of their constitution. Today, Germany’s highest court ruled that the fund does not violate the German constitution, thus removing a considerable road block towards solving part of the debt crisis.

The court hearing has caused much uncertainty in European and global markets. Had the German lawmakers ruled to block the bailout fund, it would have sent panic through the global economy, and would have ended the bail-out fund as a rescue vehicle;  Germany is the biggest contributor to the fund, as they are the largest economy in Europe.

However, the German court have placed a limit on Germany’s contribution to the European Stability Mechanism; Germany’s financial liability in the bail-out fund cannot be increased without agreement from the German parliament.  Germany will not sign a blank cheque to Brussels!

George Soros: Germany should back growth or leave euro – Telegraph

George Soros: Germany should back growth or leave euro – Telegraph.

As the debt crisis continues in Europe, many of the same arguments are being made within the eurozone countries as to the best way forward. Italy and Spain are both edging closer to needing a bailout; and it will not be long before Greece will be requiring another bailout package.

However, the arguments between growth and austerity continue. Germany are reluctant to continue to pay the bills, without the proper checks in place. But will Spain and Italy be prepared to sign away political autonomy?

Now George Soros has said “Germany must back growth or leave the euro”.  To back growth means Germany continues to bailout and lend more money – increasing indebtedness. Germany has made it clear it desires growth, but not by creating more debt.

However, if Germany were to leave the euro it would enable the Euro to devalue and ease the economic pain in the struggling nations.

Spanish bail-out impossible’, experts warn – Telegraph

Spanish bail-out impossible’, experts warn – Telegraph.

As the economic situation in Spain worsens by the day, many think it is only a matter of time before Spain will need a full bail-out.

However, economists looking at Spain’s borrowing needs, their crippled banking sector, and their ailing economy now believe the required bail-out would be more than the eurozone could manage.

Head of economic research at Open Europe, believe Spain will require around €650bn.

The situation may force Germany into finally deciding whether to work towards the break up of the eurozone, or the pooling of all the eurozone sovereign debt. The pooling of the debt would lead to a full economic union, and inevitably to much stronger political ties.  With Greece likely to require yet another bailout before the end of the year, and the fall out from the current situation nudging Italy ever closer to the economic death spiral, it is only a matter of time before Germany will have to make some very difficult choices. The question is will the people of Europe accept the outcome, whatever that may be?

Spain and Italy to be Bailed Out

At the G20 summit in Mexico European leaders have agreed on a deal which will see Spain and Italy being bailed out using a €750 billion bail out fund. In the deal European governments will buy up Italian and Spanish debt, in effect transferring the debt to other countries within the eurozone; instead of bailing out the individual governments.

This is a step towards the issuing of eurobonds, which would in effect be under written by Germany

For further information: The Telegraph

Could France Need a Bail-Out?


The former UK Prime Minister Gordon Brown has spoken ahead of next week’s G20 summit in Mexico, about the prospect of a required bailout for Italy and France. Gordon Brown has called for the G20 to begin to draw up a “concerted global action plan” to deal with the crisis.

This comes after German Chancellor Angela Merkel, attacked the French President Francois Hollande for allowing the French economy to stall. She also echoed Mr Brown’s comments, warning that Hollande’s socialist policies could lead to France being enveloped by the debt crisis.

Last year, when officials began to speak of the contagion spreading to Italy and Spain, no solid measures were put in place, and now we are on the brink of Spain requiring a full bail-out (the bailout currently under consideration is only to bailout their struggling banking system). Spain and Italy were both labelled at the time as “too big to fail”.  At that time the thought of a French bailout was unthinkable.

However, it is expected that the summit in Los Cabos, Mexico, will see world leaders continuing to pressure Chancellor Angela Merkel to agree to Eurobonds. Mrs Merkel has left Germany for the summit, remaining steadfast in her tough austerity stance – in the face of French opposition from Francois Hollande, and with President Obama also backing the new French President.

 

The Sinking of the Euro Ship or a Step Towards a “German Empire”

Speech from Nigel Farage

With the Spanish banks now in line for a bail-out of €100 billion you would think the markets would be delighted. That faith and confidence would return, that Spain’s salvation from economic oblivion has been averted… hip hip hooray!

Not so fast… the markets have not reacted with joy and happiness. The markets may know more about the present deal than the politicians would like them to.

The fact is Spain’s economic woes require much more than €100 billion. If Nigel Farage of the UK Independence Party (UKIP), and Member of the European Parliament, is to be believed, Spain requires € 400 billion. Watch the part of Farage’s speech to the European Parliament, he explains the problem of the Spanish bailout perfectly.

What is more, the bailout may have averted the bankruptcy of Spain’s banking sector in the short term, but it still has not solved the fundamental problems of the Eurozone. Sadly for the countries of the Eurozone, the only way out of their problems is for a polling of sovereign debt and far greater economic and political ties. This would mean a common economic policy, and loss of national sovereignty.

As George Soros warned last week the solution to the problems will very probably see Europe looking like a German Empire, Mr Soros said in his speech in Italy, “It would be a German empire with the periphery as the hinterland,” Well if Germany is to shoulder the debt of it’s neighbours, she will want to call the shots, and determine the economic path of the Eurozone.

The sad irony is that the EU was established in the wake of the second world war , for the precise reason of stopping German might from taking control of Europe- something which tore Europe apart twice in the 20th century. An important lesson from history that Brussels would do well to remember: attempts in Europe’s history to unite the continent under one rule of government has caused wars throughout the centuries: from Hitler to Napolian Bonaparte.

Merkel firm despite Spanish bond spike

Germany rules out instant euro fix

Germany dashes eurozone expectations France seeks eurozone stability package In depth Eurozone in crisis

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GLOBAL MARKET OVERVIEW from MARKETS 11:26am

Stocks dip as eurozone fears persist

Spanish yields briefly spike above 7% after Moody’s downgrade

Video Eurozone just needs time Martin Wolf A new form of European union Wall Street edges up on stimulus hopes

From COMPANIES 7:49pm

Banks bow to EU over limit to bonuses

Payouts set to be made relative to salary

Sustainable Banking and Finance John Gapper Excessive CEO pay rarely rewards investors Big UK funds urge rethink on incentives

via FINANCIAL TIMES

THRONE OF SATAN IN BERLIN

In the Book of Revelation John writes one of his letters to the Church in Pergamum (Revelation 2:12).

REVELATION 2:12

Pergamum is in modern day Turkey, near Istanbul, but in John’s day it was part of the Roman Empire and the centre of trade.

Despite Jesus’ rebuke to the Christian Church, he honoured them for their faithfulness, ….for standing in a place of deep darkness.

Pergamum was the city where “satan had his seat”.

Jesus mentions the death of Antipas, who was the leader of the church in Pergamum.

In dreams, the demonic priests of the temple worshipping the Greek serpent god, were visited by the demons they served, who told priests that Antipas’ prayers were forcing them, the demons, out of the region.

Antipas, Bishop of Pergamum,  was found guilty of not worshiping the Roman Emperor and sentenced to death on the altar of Zeus, known as the “Throne of Satan”.

On top of this Altar was a bronze bull, in which human sacrifices were made.

Antipas would have been put inside the hollow bull, then roasted alive.  He died a martyr, praying for his church.

The altar to Zeus has survived through the ages and in the 19th century, engineers from Germany dismantled the ruins and took them to Berlin.

The Nazi rally ground in Nuremberg, Germany, was inspired by the altar, with Hitler’s podium in the centre, in the place of the bronze bull. It was from this podium Hitler announced his “Final Solution”

The Throne of Satan is still in Germany today, housed in the Pergamum Museum in Berlin.

 

EU and IMF Preparing for a Greek Exist

As the crisis in Greece continues, EU leaders and officials from the IMF, are publicly talking about the possibility of Greece leaving the Euro.
Before now, this was said to be unthinkable.

But as the crisis deepens an exit is looking more likely despite the high financial costs.

Chancellor Angela Merkel of Germany has called on the Greece to hold a referendum on the Euro.

Despite the Greek people voting against EU-IMF austerity in the elections, polls still show about 70% of the country want to remain in the Euro.

However, Germany have made it clear, to remain in the Euro, they have to stick to their austerity obligations.

Also in Europe, Ireland’s banks are still struggling and it’s thought Ireland will soon need a second bail-out.

Hollande’s Plane Hit by Lightening

Immediately after Francois Hollande was sworn in as France’s new President, he left for a meeting with German Chancellor Angela Merkel in Germany.However, Hollande’s plane was force to turn back to Paris after it was hit by lightening.No one was injured in the incident and Hollande was soon on his way to Berlin again.Hollande has made it known he wants to renegotiate the EU Fiscal Pact.Saying today, “To our partners, I will propose a new pact that links a necessary reduction in public debt with indispensable economic stimulus.”How Hollande plans to create this “economic stimulus” without increasing public debt is less clear.Chancellor Merkel, who is known as the Iron Chancellor, has already told Hollande the EU pact is not up for re-negotiation, and she is keen to see EU governments stick to their austerity obligations.