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Monday, February 27, 2012

German minister: Greece should exit eurozone

Interior minister: Greece should exit eurozone
The Local.de
With German Chancellor Angela Merkel facing a parliamentary vote Monday on a second Greek bailout, her interior minister, Hans-Peter Friedrich came out over the weekend in favour of Greece leaving the eurozone. Friedrich told the news magazine Der Spiegel, “I do not mean that Greece should be kicked out of” the 17-nation eurozone, but he said the bloc should “create incentives for an exit that they cannot turn down.” Merkel is opposed to Greece leaving the eurozone, and agreed in January with French President Nicolas Sarkozy that Greece should be kept in the monetary union, as long as its government imposes strict budgetary reforms. She expects the Bundestag to approve the second bailout package in a vote Monday. Friedrich, of the CSU, the Bavarian sister party to Merkel’s Christian Democrats, is the first member of the federal government to have spoken out suggesting a radical change of course in euro crisis policy. “Outside European monetary union, Greece’s chances of regenerating itself and becoming competitive are definitely better than if it remained inside the eurozone,” Friedrich told Der Spiegel."

The Local.de 

G20 works for huge euro crisis rescue deal in April
The twin proposals being discussed at a G20 meeting in Mexico City on Sunday would build up massive international resources by the end of April - when the G20 group next meets - and aim to convince financial markets that the euro zone's deep problems ...

G20 insists eurozone must help itself
Financial Times
That view was so widely held among non-eurozone countries going into the meeting, including the US, the UK and Japan, that the drafting of a communiqué was unusually smooth. A rough first draft was agreed at midnight on Saturday – by which time most ...

Euro zone decision on size of bailout fund seen delayed
Euro zone leaders may not be able to meet international demands to ramp up their own funds for bailing out the bloc's debtors when they meet next week because Germany is showing no sign of dropping its opposition to the plan, euro zone officials said.

G20 finance ministers tell eurozone to boost rescue fund
The Guardian
Finance ministers from the world's leading economies heaped pressure on the eurozone on Sunday to bolster the firewall around the embattled single currency before they agree to provide more funds for a planned $2tn (£1.3tn) global rescue package for ...

The Guardian

Japan Urges Bigger Euro-Crisis Firewall Before G-20 in April
By Toru Fujioka Feb. 27 (Bloomberg) -- Jun Azumi, Japan's finance minister, wants Europe to widen measures preventing the spread of its debt crisis before global finance chiefs reconvene to discuss the International Monetary Fund's expansion in April.

Euro-zone deal on firewall awaits Germany
MEXICO CITY (Reuters) - Germany may not be ready to back an increase in the euro zone's bailout fund at a summit next week, delaying progress towards building up nearly $2 trillion in firepower to tackle fallout from Europe's sovereign debt crisis.

G-20: Draft Communique Links Extra IMF Resources To Euro-Zone Firewall
Wall Street Journal
By Costas Paris and William Horobin MEXICO CITY (Dow Jones)--Boosting the resources of the International Monetary Fund is linked to the euro-zone building larger rescue funds in a draft of the communique to be issued by finance ministers and central ...

George Osborne rules out more bailout funds without credible eurozonefirewall
Britain and other leading economies are not ready to fund anothereurozone bailout, UK Chancellor George Osborne said on Sunday. In an interview with Sky News, Mr Osborne said: "We are prepared to consider IMF resources but only once we see colour of ...


Eurozone crisis overshadows G20 finance ministers meeting
Daily News & Analysis
Place: Mexico City | Agency: PTI Eurozone debt crisis and the urgency to enhance firepower of the IMF to deal with the financial turmoil dominated the deliberations at the G-20 meeting of Finance Ministers and Central Bank Governors here.

Debt crisis: Chancellor George Osborne rules out new Eurozone bailout
Britain and other leading economies are not ready to fund anothereurozone bailout, George Osborne said today. Speaking as finance ministers meet in Mexico for the G20 summit, the Chancellor said extra funds would not be handed over until countries who ...


G20 warns on eurozone 'firewall'
Mexico City: A meeting of G20 finance ministers began in Mexico City on Saturday with a series of warnings that Europe must do more to build its "firewall" against financial contagion. "We still have to build the mother of all firewalls," said Angel ...


Greece cannot imagine leaving eurozone: advisor
Hardouvelis comments came after German Interior Minister Hans-Peter Friedrich said Saturday that debt-stricken Greece should be given incentives to leave the eurozone, arguing such a move would improve its chances of becoming competitive again.


Britain is not ready to fund another eurozone bailout, vows George Osborne
Daily Mail
By Daily Mail Reporter Britain and the world's leading economies should not fund another eurozone bailout, George Osborne warned today. Speaking as finance ministers gather in Mexico for the G20 summit, the Chancellor said extra funds would not be ...

Daily Mail

Chancellor Rules Out New Eurozone Bailout
Sky News
George Osborne has told Sky News that Britain and other leading economies are not ready to fund another eurozone bailout as finance ministers meet in Mexico for the G20 summit. Speaking to Sky's Dermot Murnaghan, the Chancellor said: "We are prepared ...

Sky News

Eurozone needs to prop up currency
The world's leading finance ministers and central bankers concluded their meeting in Mexico city yesterday — a gathering that was overshadowed by Europe's debt crisis, itsEurozone travails and how the rest of the world should provide liquidity to the ...

Euro crisis dominates G20
New Zealand Herald
Concerns about Europe's sovereign debt crisis topped the agenda yesterday at a meeting in Mexico City of G20 finance ministers, with financial sector leaders praising Greece's offer to repay bondholders at a steep discount.

EU's Rehn sees deal on euro zone bailout funds in March
Zee News
Mexico: Euro zone countries are likely to boost the combined capacity of their bailout funds during March, in time for a follow-on deal on more crisis-fighting funds for the International Monetary Fund in April, Europe's top economic official said on ...

Zee News

Eurozone Rescue Fund May Reach $2 Trillion
The Fiscal Times
Finance leaders from the Group of 20, meeting in Mexico City this weekend, are trying to build up massive international resources by the end of April to convince financial markets they can prevent the euro-zone's deep problems from inflicting more ...

The Fiscal Times

Mantega calls for more eurozone flexibility
Financial Times
Arguing that currency devaluation would have aided Greece as it battled with the threat of sovereign default, Mr Mantega said of eurozone nations: “The real problem that I see is that during a moment of crisis, countries do not have exchange rate ...

Financial Times

Eman El-Shenawi: The Eurozone's coup d'état in Greece is complete
(File photo) By EMAN EL-SHENAWI Greece has not been bailed out; theeurozone has. This is an agonizing point analysts are continuing to drum home to a world which eagerly follows the thespian events in the country's debt saga.


G-20 inches toward US$2 tril. in rescue funds for eurozone
China Post
MEXICO CITY--Germany is easing its opposition to a bigger European bailout fund, officials said, smoothing the way for the world's leading economies to secure nearly US$2 trillion in firepower to prevent further fallout from the eurozone's sovereign ...

Spat over eurozone firewall overshadows G20 meeting
Bangkok Post
Germany clashed with some of its key G20 partners over raising the eurozone's firewall at the start of a key meeting of finance ministers and central bankers dominated by the debt crisis. German Finance Minister Wolfgang Schaeuble.

Bangkok Post

Euro zone will break up, Prasarn predicts
The Nation
Bank of Thailand Governor Prasarn Trairatvorakul envisions the eventual break-up of the euro zone. Much depends on the euro economies' commitment to the handling of their structural problems and agreement to amend the Maastricht Treaty to embrace ...

The Nation

Interior minister: Greece should exit eurozone - The Local
With German Chancellor Angela Merkel facing a parliamentary vote Monday on a second Greek bailout, her interior minister, Hans-Peter Friedrich came out over the weekend in favour of Greece leaving the eurozone.
The Local - Germany's news in English

German Cabinet Minister Calls For Greek Eurozone Exit | Via Meadia
By Walter Russell Mead
Hans-Peter Friedrich is the interior minister of Germany, and he has publicly stated that it would be better for all concerned if Greece just left the eurozone. It would certainly have been better if the Greeks (and the Spaniards, Portuguese, ...
Via Meadia

Fuel Fix » G20 meeting begins with eurozone 'firewall' warnings
By FT.com - Energy
G20 meeting begins with eurozone 'firewall' warnings.
Fuel Fix

Developing Countries to the Rescue of the Eurozone - KHAAMA ...
By wadsam
Brazillian Finance Minister Guido Mantega said that developing nation would be willing to provide more money to ease the eurozone's debt crisis, in return for more power within the International Monetary Fund. Minister Guido Mantega made ...
KHAAMA PRESS | Afghan Online Newspaper

Germany's Friedrich: Greece should exit eurozone
By nineoclock
With German Chancellor Angela Merkel facing a parliamentary vote Monday on a second Greek bailout, her interior minister, Hans-Peter Friedrich came out over the weekend in favour of Greece leaving the eurozone. According to BBC ...
Nine O`Clock

Corporate Governance After The Financial Crisis
By Steve Bainbridge
In his new book, Corporate Governance after the Financial Crisis, UCLA law professor and popular blogger Stephen Bainbridge provides a longer historical perspective on one aspect of this choking proliferation of rulemaking. (The book ...

Bullish on the Eurozone (Mostly)
By Admin
Last week's news that Eurozone GDP declined by 0.3% in the fourth quarter of 2011 set all the usual pundits moaning about the inevitable decline of Europe. Even eu-flagSMALL Andrew Roberts, a wonderful historian with whom I almost ...
Global Economic Intersection...

Raedwald: Eurozone doomed to colonisation?
By Raedwald
In fact, the plummeting percentage of population of working age in the Eurozone is worse than shows above. Germany, with Japan, faces a reduction of more than 20% in the working age population by 2030; Switzerland, the Netherlands, ...

America's Per Capita Government Debt Worse Than Any of the PIIGS
By The Doc
We have stated here repeatedly that the US is Greece times 100. The graphic below demonstrates this as the US' per capita official government debt (not including $100 Trillion in unfunded liabilities) is worse than any of the PIIGS nations.

Europe Forecasts 'Mild Recession' for Euro Zone in 2012 - NYTimes ...
Contractions seen in Italy and Spain led the European Commission to lower its growth forecast for the entire currency bloc.

Video: David Cameron: we ...
The eurozone has agreed a second €130bn (£109bn) Greek bailout after asking private investors to take bigger losses on Greece's debt and by further stripping ...

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