According to the Twitterverse, German Finance Minister Wolfgang Schaeuble has said that Greece will need another aid programme.
This should come as no surprise, given that the Bundesbank said the self same thing the other week.
Showing posts with label wolfgang schaeuble. Show all posts
Showing posts with label wolfgang schaeuble. Show all posts
Tuesday, August 20, 2013
Monday, March 25, 2013
Happy Greek Independence Day - Cyprus "Fixed"!
On this bank holiday in Cyprus, to celebrate Greek Independence Day, doubtless the good people of Cyprus are also "celebrating" the fact that the banking crisis has been "fixed" and that they will receive Euro10BN in bailout money.
The Eurozone finance ministers have agreed that Laiki (Popular) Bank will be wound down and depositors with more than Euros100K will face losses of 40% or more (Schauble's original plan). Those who have deposits of less than this amount will, theoretically, incur no immediate losses.
However, unlike the last "deal", the Cyprus parliament will not be voting on this.
It seems that, once again, the Eurozone sacrifices democracy in order to pursue its Messianic mission!
The chairman of the Cypriot parliament's finance committee, Nicholas Papadopolous, told the BBC said the agreement made "no economic sense":
Clearly anyone with half a brain will empty their bank account immediately, Cyprus has signed its own death warrant and is finished unless it leaves the Eurozone.
Happy Greek Independence Day!
The Eurozone finance ministers have agreed that Laiki (Popular) Bank will be wound down and depositors with more than Euros100K will face losses of 40% or more (Schauble's original plan). Those who have deposits of less than this amount will, theoretically, incur no immediate losses.
However, unlike the last "deal", the Cyprus parliament will not be voting on this.
It seems that, once again, the Eurozone sacrifices democracy in order to pursue its Messianic mission!
The chairman of the Cypriot parliament's finance committee, Nicholas Papadopolous, told the BBC said the agreement made "no economic sense":
"We are heading for a deep recession, high unemployment. They wanted to send a message that the Cypriot economy ought to be destroyed, and they've succeeded in a large part - they've destroyed our banking sector."Needless to say the banks, as it a bank holiday, remain closed. As and when they re open will be the litmus test as to whether people believe that this is "fixed".
Clearly anyone with half a brain will empty their bank account immediately, Cyprus has signed its own death warrant and is finished unless it leaves the Eurozone.
Happy Greek Independence Day!
Wednesday, November 28, 2012
Greece - The Never Ending Story
Despite Eurozone hyperbole that the Greek crisis has been "solved", via a debt write down, bond buyback and probable gifting of the next tranche of bailout money, it appears that this is not the end of the story.
German Finance Minister Wolfgang Schaeuble has in fact warned that Greece may need additional help.
As per ekathimerini.com, Euro-area governments may provide additional funding through the European Union structural fund and further interest payment reduction as long as Greece meets all its obligations under the agreement.
In other words there is an open ended commitment to prop Greece up.
German Finance Minister Wolfgang Schaeuble has in fact warned that Greece may need additional help.
As per ekathimerini.com, Euro-area governments may provide additional funding through the European Union structural fund and further interest payment reduction as long as Greece meets all its obligations under the agreement.
In other words there is an open ended commitment to prop Greece up.
Friday, November 9, 2012
Greece Faces D Day - Again
Today Euro of Greek bonds mature, next Friday 16th November a further Euro4BN mature.
Greece has issued, as it often does, a warning that if it dopes not receive bailout money by then it may default on those bonds.
However, Wolfgang Schaeuble, Germany's finance minister, is not so easily cowed by these threats; he told reporters yesterday that a decision on Greece next week "would be too soon".
Thus, as ever, the Eurozone crisis drags on as the politicians and bureaucrats dither over whether to continue to fund Greece or expel it.
Greece has issued, as it often does, a warning that if it dopes not receive bailout money by then it may default on those bonds.
However, Wolfgang Schaeuble, Germany's finance minister, is not so easily cowed by these threats; he told reporters yesterday that a decision on Greece next week "would be too soon".
Thus, as ever, the Eurozone crisis drags on as the politicians and bureaucrats dither over whether to continue to fund Greece or expel it.
Wednesday, September 5, 2012
Schaeuble's Line In The Sand
The EC is refusing to deny or confirm the story that the Troika will ask private Greek companies to introduce a six day working week.
Meanwhile Wolfgang Schaeuble, the German finance minister, has ruled out a third Greek bailout package:
Meanwhile Wolfgang Schaeuble, the German finance minister, has ruled out a third Greek bailout package:
"The costs for Greece are already very high and therefore we cannot have a new programme for Greece."Whether this is a sop for the domestic audience, to keep it docile, or a genuine line in the sand is not yet clear.
Thursday, August 23, 2012
Time Is Not a Healer For Greece
Wolfgang Schaeuble, Germany's finance minister, has told SWR that time (in Greece's case anyway) is not a healer.
In his view granting Greece more time to implement spending cuts would not solve its problems, the Telegraph quotes him:
Schaeuble is no fool, he knows that with Greece it is never just a matter of "time" but also money. He knows that, at some stage, Greece will come back and ask for more money.
As I have already noted it is highly likely that Greece will ask for more money, given the Euro3.5BN black hole in Greece's finances.
In his view granting Greece more time to implement spending cuts would not solve its problems, the Telegraph quotes him:
"More time is not a solution to the problems."Why draw such a line in the sand?
Schaeuble is no fool, he knows that with Greece it is never just a matter of "time" but also money. He knows that, at some stage, Greece will come back and ask for more money.
As I have already noted it is highly likely that Greece will ask for more money, given the Euro3.5BN black hole in Greece's finances.
Monday, August 20, 2012
Greece's Bottomless Pit
The Greek Prime Minister, Antonis Samaras, will meet with various Eurozone leaders during the coming week in order to beg for more time (an extension of two years) for Greece to try to enact its austerity programme.
His renegotiation mission comes on the eve of next month's Troika report into Greece's economic progress (or lack of it).
Der Spiegel has reported that the Troika's initial assessment is that there is a Euro14BN hole in Greec's finances for 2013/14. This hole being Euro3.5BN larger than the previously identified hole of Euro11BN.
The abundance of black holes is rather alarming, given that the Troika found a Euro15BN in Greece's finances in February 2012.
Therefore will Greece be given more time and more money?
The German Finance Minister, Wolfgang Schaeuble, as per the BBC sums up the situation perfectly:
His renegotiation mission comes on the eve of next month's Troika report into Greece's economic progress (or lack of it).
Der Spiegel has reported that the Troika's initial assessment is that there is a Euro14BN hole in Greec's finances for 2013/14. This hole being Euro3.5BN larger than the previously identified hole of Euro11BN.
The abundance of black holes is rather alarming, given that the Troika found a Euro15BN in Greece's finances in February 2012.
Therefore will Greece be given more time and more money?
The German Finance Minister, Wolfgang Schaeuble, as per the BBC sums up the situation perfectly:
"I have always said that we can help the Greeks, but we cannot responsibly throw money into a bottomless pit."The question is, at what stage do those funding Greece realise that the Greek economy is a "bottomless pit"?
Monday, February 27, 2012
Germany Trying To Sabotage Greek Bailout
I noted last week that "the IMF regards the EFSF as a busted flush, and has no intention of throwing any more money into the doomed project".
Unsurprisingly, the G20 have now stated categorically in their end of summit communique that no money will be forthcoming until the Eurozone puts more of its own money in, and that it is "essential" that the Eurozone boosts its own firewall first.
Meanwhile, as if deliberately trying to further humiliate and antagonise the Greeks, the German Finance Ministry has announced that more than 160 German tax collectors have volunteered for possible assignments in Greece.
Anyone would think that the Germans were deliberately trying to sabotage the bailout, and force the Greeks to walk away from it!
Given that German Finance Minister Wolfgang Schaeuble doesn't believe that the bailout will succeed, it is in Germany's interests that time and money are not wasted on it.
Unsurprisingly, the G20 have now stated categorically in their end of summit communique that no money will be forthcoming until the Eurozone puts more of its own money in, and that it is "essential" that the Eurozone boosts its own firewall first.
Meanwhile, as if deliberately trying to further humiliate and antagonise the Greeks, the German Finance Ministry has announced that more than 160 German tax collectors have volunteered for possible assignments in Greece.
Anyone would think that the Germans were deliberately trying to sabotage the bailout, and force the Greeks to walk away from it!
Given that German Finance Minister Wolfgang Schaeuble doesn't believe that the bailout will succeed, it is in Germany's interests that time and money are not wasted on it.
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