Friday, 30 September 2011

Pour Sarkozy, un échec de la Grèce serait celui de l'Europe

LE MONDE: Il y a "une obligation morale" et "économique" à aider la Grèce, a affirmé Nicolas Sarkozy, vendredi 30 septembre, à l'issue d'une rencontre avec le premier ministre grec, Georges Papandréou, à Paris, car "son échec serait celui de toute l'Europe".

Peu auparavant, le premier ministre grec avait répété que son pays était "déterminé à faire les changements nécessaires" pour sortir de la crise, ajoutant qu'il était prêt à accueillir des experts pour vérifier ces efforts "en toute transparence".

Au lendemain du vote par le Parlement allemand du plan de sauvetage de l'euro, Nicolas Sarkozy a précisé qu'il se rendrait dans les prochains jours en Allemagne pour "accélérer" ce plan. "Il ne peut y avoir entre l'Allemagne et la France qu'une parfaite identité de vue pour résister à la spéculation, pour résister à l'emballement des marchés et pour protéger l'Europe", a dit M. Sarkozy. » | LEMONDE.FR avec AFP | Vendredi 30 Septembre 2011
World Is Heading for 'Great Stagnation', Says Goldman

THE DAILY TELEGRAPH: There is a growing risk that the global economy will move from the 'Great Recession' into the 'Great Stagnation', according to economists at Goldman Sachs.

Stagnations typically mean long periods of sluggish growth of about 0.5pc, low inflation, rising and sticky unemployment, stagnant house prices, and lower returns on shares, they said.

There is a 40pc chance of the current situation developing into a period of stagnation among developed economies, Goldman calculated.

"Trends in Europe and the US are so far still following growth paths that would be typical of stagnations," they said in a note.

"Given those risks, whether these countries manage to avoid a ‘Great Stagnation’ by a pick-up in the recovery is likely to depend on policy being able to restore confidence and putting in place reforms that can decisively jolt growth". » | Angela Monaghan, Economics Correspondent | Friday, September 30, 2011

'Great Stagnation'? What a load of cobblers! 'Great Depression,' more like! And just who are the people who played a large part in this mess? And just what do they mean when they talk about a period of low inflation? Inflation is already running pretty high, despite the economy in a deep recession, sliding toward depression.

Best to ignore the Mickey Mouse economists at Goldman Sachs. They're all waiting for their fat bonuses. However bad the depression will be, they'll see to it that they and theirs are well-provided for.
– © Mark


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Japan rüstet sich für Kampf gegen den Höhenflug des Yen

SÜDOSTSCHWEIZ.CH: Im Kampf gegen den hohen Kurs des Yen fährt die japanische Regierung neues Geschütz auf. Die Regierung hat beschlossen, den Fonds für Währungsinterventionen um 15 Billionen Yen (rund 176 Milliarden Franken) aufzustocken.

Tokio. – Mit der Erhöhung erreiche der Fonds faktisch ein Rekordvolumen von 46 Billionen Yen, erklärte Finanzminister Jun Azumi am Freitag. So solle mehr Spielraum für den Fall geschaffen werden, dass Japan erneut gegen Spekulanten vorgehen müsse, die den Yen-Kurs hochtreiben. » | Quelle: sda | Freitag 30. September 2011
Italien: Ein Land steht still (05. Sepetember 2011)

ECO vom 05.09.2011
France Is In Denial as Fragile Banks Add to Economic Woes

THE GUARDIAN: The second biggest economy in the eurozone is grappling with public debt, stalled growth and high unemployment

In her small fashion boutique in a village near Saint-Étienne, Valérie Dongrazi was feeling the pressure of French banking jitters and the economic rut.

The 44-year-old shopowner has not paid herself a salary for more than a year. When she did, it was €1,300 (£1,130) a month. She's had to start buying cheaper foreign stock as clients in her village in south-eastern France who once paid €270 for a good winter coat, can now afford just €150. To stay on top of overheads, she relies on going to her bank to increase costly overdrafts or ask for loans.

But with a big question mark over French banks' stability, shares in the biggest banks plummeting and talk of a state bailout, the lifeline of bank credit to businesses like Dongrazi's is drying up. French banks are nervous about lending money, companies are struggling and consumer confidence has fallen to the lowest level since February 2009, when France was suffering its worst recession since the second world war. "There's a mood of fear; people are not buying for pleasure, barely for necessity. I'm not optimistic," she said.

Rumours about the fragility of French banks and their ability to cope with losses from Greek debt has thrown a spotlight on the wider woes of the economy and its slippery hold on its triple-A rating. The shares of France's biggest banks have lost half of their value in just three months. In any other country, this might signal panic on the streets, but France believes it is battling bigger economic problems: spiralling public debt, stagnant growth, low business morale and high unemployment. » | Angelique Chrisafis in Paris | Thursday, September 29, 2011

Thursday, 29 September 2011

BMW Dynasty Breaks Silence Over Nazi Past

THE DAILY TELEGRAPH: The dynasty behind the German car manufacturer BMW has broken its silence over its dark Nazi past and admitted to using forced labourers in its factories and profiting from the "aryanisation" of Jewish businesses.

The Quandt family empire, which became a major shareholder in BMW after the Second World War building it up to become one of the most desirable car brands, launched a project to investigate its Nazi-era activities after unpleasant revelations were aired in a 2007 TV documentary.

The ensuing research using company files from the 12-year period of the Third Reich has established the depth of collaboration between the family patriarch, Günther Quandt and his son Herbert, and Hitler's regime. » | Fiona Govan, Berlin | Thursday, September 29, 2011

Related »
German MPs Vote for New Powers to Tackle Euro Crisis

THE DAILY TELEGRAPH: Germany's parliament approved new powers for the eurozone crisis fund by a large majority, giving the euro a boost and triggering a rally in Greek bonds.

The vote before the Bundestag lower house on expanding the €440bn (£380bn) bailout fund was also seen as a crucial test of Chancellor Angela Merkel's authority amid fears of a major backbench rebellion.

Among the 611 deputies present, 523 approved the measure, 85 voted against it and three abstained.

However, political pressure on Ms Merkel eased slightly as her coalition party won the vote without needing to rely on the opposition.

If the bill had only got through due to the centre-left opposition, she could be seen domestically as a "lame duck Chancellor, Holger Schmieding, chief economist at Berenberg Bank told Bloomberg TV. This could have undermined her ability to push through more measures to combat the crisis and leave.

Traders and European partners had been on tenterhooks ahead of the vote as Germany, the eurozone's biggest economy and paymaster, became the eleventh country among the 17 using the euro to agree to boost the scope and size of the fund, called the EFSF. » | Telegraph Staff and agencies | Thursday, September 29, 2011
Barroso nimmt Banken in die Verantwortung

In seiner Rede zur Lage der EU nahm EU-Kommissionspräsident José Manuel Barroso die Banken in die Verantwortung. Eine neue Steuer für den Finanzsektor soll Milliarden in die EU-Kassen bringen.

Tagesschau vom 28.09.2011

Wednesday, 28 September 2011

Very Difficult to Leave Euro, Says Hague

THE INDEPENDENT: William Hague has branded the eurozone a "burning building with no exits" amid frantic efforts to control the sovereign debt crisis.

The Foreign Secretary said he believed Germans would have to subsidise weaker members such as Greece for "the rest of their lifetimes".

Delivering the starkest comments so far by a senior British minister, Mr Hague also claimed the single currency was set to become an "historical monument to collective folly".

The intervention emerged as the president of the European Commission, Jose Manuel Barroso, warned that the EU faced its "greatest challenge".

However, Mr Barroso insisted Greece would remain in the eurozone despite fears that it will default on huge debts.

Interviewed for The Spectator magazine, Mr Hague referred to a remark he made as Tory leader in 1998 while running a campaign to 'Keep the Pound'.

"I described the euro as a burning building with no exits and so it has proved for some of the countries in it. But there are no exits," he said. » | James Tapsfield | Wednesday, September 28, 2011
Barroso redet „zur Lage der Union“: „Griechenland bleibt in der Euro-Zone“

FRANKFURTER ALLGEMEINE: Vor dem EU-Parlament hat EU-Kommissionspräsident José Manuel Barroso zum zweiten Mal eine Grundsatzrede „zur Lage der Union“ gehalten. Einen Ausschluss Griechenlands aus der Gemeinschaftswährung schloss er aus. Und erntete dafür großen Applaus.

EU-Kommissionspräsident José Manuel Barroso hat seine Forderung nach Einführung von Euro-Bonds bekräftigt. Voraussetzung für solche gemeinsamen Staatsanleihen aller 17 Euro-Länder sei allerdings, dass die EU die notwendigen Instrumente für wirtschaftliche Integration und Haushaltsdisziplin schaffe, betonte er am Mittwoch vor dem Europaparlament in Straßburg. Die Euro-Bonds müssten „Stabilitäts-anleihen“ sein. Vor allem Deutschland lehnt bisher die Einführung von Euro-Bonds strikt ab. Großbritannien wehrt sich vehement gegen eine Finanztransaktionssteuer.

Einen Ausschluss des hochverschuldeten Griechenlands aus der Gemeinschaftswährung schloss Barroso aus: „Griechenland wird in der Euro-Zone bleiben“, versicherte der Portugiese, der vor dem Parlament zum zweiten Mal eine Rede „zur Lage der Union“ hielt. Allerdings müsse das Land fristgemäß seinen Verpflichtungen nachkommen. Im Gegenzug seien die anderen EU-Staaten „entschlossen“, Griechenland zu unterstützen. Barroso warnte jedoch vor überzogenen Hoffnungen auf eine rasche Lösung der Schuldenkrise. Dies sei „kein Sprint, sondern ein Marathon“. Barroso forderte, den Euro-Rettungsfonds EFSF so effizient wie möglich einzusetzen. Der permanente Nachfolge-Mechanismus ESM müsse früher als bisher geplant in Kraft treten. » | FAZ.NET mit AFP/Reuters | Bildmaterial: dpa | Mittwoch 28. September 2011

Athènes paralysée par les grèves, pour le troisième jour consécutif

TRIBUNE DE GENÈVE: La capitale grecque était au point mort ce mercredi, au troisième jour de grèves touchant les transports en commun en riposte à un durcissement de la rigueur tandis que retraités, employés municipaux, chauffeurs de bus et taxis étaient dans la rue.

Dans un centre-ville anormalement vide, des centaines de retraités ont défilé jusqu’au ministère des Finances, protestant contre une nouvelle série de mesures fiscales, dont une taxe immobilière adoptée mardi soir par le parlement, et de coupes additionnelles dans les pensions de plus de 1400 francs [Suisse].

Relayant des appels à la désobéissance civile circulant depuis plusieurs jours sur la toile, ils ont brûlé devant le ministère des formulaires fiscaux, imités un peu plus tard par des employés municipaux concluant un rassemblement.

Pour la troisième journée consécutive, les grands axes desservant la capitale étaient livrés à de gigantesques embouteillages, en l’absence totale de transports en commun mais aussi de taxis.

Quelques centaines de propriétaires de taxis en grève pour 48 heures contre une dérèglementation de la profession, ont manifesté devant le ministère des Transports, et dénoncé la mise en service de cars privés pour assurer un minimum de dessertes des grandes banlieues et de l’aéroport. » | ATS | Mercredi 28 Septembre 2011
Inflation Steals £2,500 from Typical Savers in Slow Motion Bank Robbery

THE DAILY TELEGRAPH: The average easy access savings account has lost nearly £2,500 of its real value or purchasing power during the last decade, according to calculations by Yorskhire Building Society.

Inflation is the insidious enemy of savers because it stealthily reduces what their money will buy. But with the Government’s favoured yardstick, the Consumer Prices Index (CPI) rising at an annual rate of 4.5pc – and the Retail Prices Index (RPI) showing 5.2pc – many may underestimate the cumulative threat.

Simon Broadley of Yorkshire Building Society said: “With the average savings account standing at £11,648 this can have a significant effect on a person’s savings – especially over the long-term, given the current market.

“Over 10 years someone with the typical savings pot in a basic easy access savings account would have earned £1,624 in interest, leaving its nominal value at £13,272. However, for them to have the same spending power as when they invested – their savings would need to have grown to £15,700 – a difference of £2,428.”

Michelle Slade of the independent website Moneyfacts, added: “People can see the impact of rising prices on their everyday spending, but neglect to see the impact on their savings as the actual size of their savings pot is still seemingly growing. » | Ian Cowie | Wednesday, September 28, 2011

Tuesday, 27 September 2011

Labour Party Conference 2011: Ed Miliband Pledges 'New Bargain'

THE DAILY TELEGRAPH: Labour will offer a "new bargain" to the people of Britain to end the "fast buck" culture of the last 30 years and reshape society so that hard work and responsibility are rewarded, the party's leader Ed Miliband said today.


In his keynote speech to Labour's conference in Liverpool, Mr Miliband said he wanted to become Prime Minister so he can "write a new chapter in our country's history".

Launching a scathing attack on "unjustified rewards" at the top of companies, asset-stripping "predators" in business and bankers who profited even as their mistakes caused economic meltdown, Mr Miliband said that a Labour government would use tax breaks, regulation and contracts to reward firms which contribute to their community.

And he said he was determined to reform the welfare system to ensure that it pays to work, to end "cosy cartels" which set top pay, break up the "rigged market" which allows energy companies to charge high prices and rebalance Britain's economy away from the reliance on financial services and towards production and manufacturing.

Against the backdrop of opinion polls suggesting voters do not see him as a potential prime minister, Mr Miliband sought to shake off the legacy of the last two Labour leaders to hold power, telling the conference: "I'm not Tony Blair. I'm not Gordon Brown either... I'm my own man and I'm going to do things my own way."

And he declared that he was ready to take risks to break away from the "something for nothing" culture which has taken root in Britain over the past three decades and created a "quiet crisis" where those who do the right thing no longer believe they will be rewarded for it. Read on and comment » | Tuesday, September 27, 2011
Germany Slams 'Stupid' US Plans to Boost EU Rescue Fund

THE DAILY TELEGRAPH: Germany and America were on a collision course on Tuesday night over the handling of Europe's debt crisis after Berlin savaged plans to boost the EU rescue fund as a "stupid idea" and told the White House to sort out its own mess before giving gratuitous advice to others.

German finance minister Wolfgang Scha[e]uble said it would be a folly to boost the EU's bail-out machinery (EFSF) beyond its €440bn lending limit by deploying leverage to up to €2 trillion, perhaps by raising funds from the European Central Bank.

"I don't understand how anyone in the European Commission can have such a stupid idea. The result would be to endanger the AAA sovereign debt ratings of other member states. It makes no sense," he said.

Mr Schauble told Washington to mind its own businesss after President Barack Obama rebuked EU leaders for failing to recapitalise banks and allowing the debt crisis to escalate to the point where it is "scaring the world".

"It's always much easier to give advice to others than to decide for yourself. I am well prepared to give advice to the US government," he said. » | Ambrose Evans-Pritchard | Tuesday, September 27, 2011

I'm so pleased that Frau Merkel and Herr Schäuble have had the courage to tell Obama to keep his nose out of Europe's business. What can Obama tell others about solving their debt crisis? He can't solve his own! If anyone's debt is "scaring the world," it is the incredible debt of the USA! People who live in glasshouses shouldn't throw stones. – © Mark

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Merkel zu Europa: "Euro ist mehr als nur eine Währung"

Bundeskanzlerin Angela Merkel bekennt sich zur Europäischen Union, Deutschlands Zukunft sei untrennbar mit Europa verbunden. Der Euro sei ein Garant eines einigen Europas, scheitere er, scheitere Europa. Deshalb dürfe er nicht scheitern und werde nicht scheitern.

Das Video hier abspielen
Currency Crisis: German Central Bank Opposed to Merkel's Euro Course

SPIEGEL ONLINE INTERNATIONAL: The new Bundesbank president, Jens Weidmann, used to be one of Merkel's closest advisers. Now, he is one of her staunchest critics over the euro rescue. He is strictly opposed to the European Central Bank's policy of buying up bonds from debt-stricken countries -- and is winning a growing number of allies for his cause.

Jens Weidmann knew what would happen, but he had to make the joke anyway. He owed it to himself and to his new position as head of the Bundesbank, Germany's central bank.

"Did you leave so much space between us on purpose?" he asked German Finance Minister Wolfgang Schäuble with a cheeky grin. Indeed, the podium that had been set up for their joint press conference on Friday in Washington really did have generous dimensions, leaving enough space for two or three people between them.

Schäuble examined the distance between them. Then he answered, with a pained smile: "We did that because of your independence."

One of Merkel's Fiercest Adversaries

Germany is marveling at a breathtaking shake-up of political roles. For five years, Weidmann served as an economic adviser to Chancellor Angela Merkel. During that period, he was loyal to her, even seeming too keen at times. But now, in his new role as president of the Bundesbank, he has become one of her fiercest adversaries.

Weidmann has criticized decisions related to the euro bailout as "inconsistent" and "highly risky." He has called on politicians in Berlin to change their course, and he has been advocating "the Bundesbank's principles regarding stability." All of those things put him at odds with top officials at the European Central Bank (ECB). » | SPIEGEL Staff | Monday, September 26, 2011
Greece Will Meet Commitments, Papandreou Tells Germany's Business Leaders

The Greek prime minister George Papandreou says the country 'will fight its way back to growth and prosperity' with help from European neighbours. He promised the Federation of German Industries on Tuesday that Athens will meet its commitments to the international community and rebuild its economy

Debt Crisis: Chancellor Angela Merkel Pledges Germany Will Help Greece

Chancellor Angela Merkel said that Germany will do all it can to rebuild confidence in debt-stricken Greece as it implements reforms to meet the conditions of its international bailout package.


Read the short article and comment here
'I Go to Bed Every Night and Dream of Another Recession': Moment Trader Told Shocked BBC Presenter the City Just LOVES an Economic Disaster

• 'We don’t really care whether they’re going to fix the economy, our job is to make money from it' • Twitter users claim Alessio Rastani is a member of 'Yes Men' hoaxers


An outspoken City trader left interviewers open-mouthed as he admitted that traders 'don't really care that much' about the prospect of an economic collapse.

Alessio Rastani astonished BBC viewers yesterday by describing his hopes of profiting from a recession, adding: 'The governments don't rule the world - Goldman Sachs rules the world.'

The self-styled 'independent trader' also claimed he had been 'dreaming of this moment for three years', as the global economy faces continuing uncertainty. » | Hugo Gye | Tuesday, September 27, 2011
Merkel äussert sich zur Eurokrise

Für Griechenland hat eine wichtige Woche begonnen. Am Donnerstag wird der deutsche Bundestag voraussichtlich über die Ausweitung des Rettungspakets für Athen abstimmen. Nun hat sich Angela Merkel zur Eurokrise geäussert. Einschätzungen von SF-Korrespondent Jonas Projer aus Brüssel.

Tagesschau vom 26.09.2011
German Turmoil over EU Bail-outs as Top Judge Calls for Referendum

THE DAILY TELEGRAPH: Germany's top judge has issued a blunt warning that no further fiscal powers may be surrendered to Europe without a new constitution and a popular referendum, vastly complicating plans to boost the EU's rescue machinery to €2 trillion (£1.7 trillion).

Andreas Vosskuhle, head of the constitutional court, said politicians do not have the legal authority to sign away the birthright of the German people without their explicit consent.

"The sovereignty of the German state is inviolate and anchored in perpetuity by basic law. It may not be abandoned by the legislature (even with its powers to amend the constitution)," he said.

"There is little leeway left for giving up core powers to the EU. If one wants to go beyond this limit – which might be politically legitimate and desirable – then Germany must give itself a new constitution. A referendum would be necessary. This cannot be done without the people," he told newspaper Frankfurter Allgemeine. » | Ambrose Evans-Pritchard, International Business Editor | Monday, September 26, 2011
The Unbelievable Audacity of Mr. Obama! Europe's Debt Crisis Is 'Scaring the World'

US president Barack Obama says the financial crisis in Europe is contributing to slow economic growth worldwide. Obama told a forum organised by LinkedIn that Europe's failure to fix its banking sector had been compounded by Greece's woes, and that leaders in the eurozone are not dealing with the issue quickly enough


It is incredible that Obama can be so brazen as to point the finger at the European debt crisis and tell the world that it “scares the world.” Hasn’t he taken a look at the stats for his own country’s debt lately? And is he so naïve as to think that the US debt crisis doesn’t scare the world more? Such hypocrisy! But then, he’s a politician. So we shouldn’t be surprised. – © Mark
Have We Seen the Top of Gold's Bull Run?

THE DAILY TELEGRAPH: Despite the slide, gold remains one of the best-performing asset classes of 2011 and recent falls have merely reversed the gains seen in August.

Is US Apprentice star Donald Trump a new contrarian indicator?

On September 15, it was revealed that the forthright entrepreneur had agreed to accept gold bullion as a security deposit on a lease for a floor of the Trump Building on Wall Street. The gold was estimated to be worth about $180,000 (£115,704).

"The legacy of gold as a precious commodity has transcended to become a viable currency and an accepted universal monetary standard," Mr Trump said.

However, since the man nicknamed "The Donald" unveiled the decision the gold price has slumped by about $175 an ounce. Did his characteristically bold statement mark the top of gold's bull run?

The price falls were prompted by a sharp reversal in risk aversion boosting the dollar. This was caused by the debt crisis in the eurozone and the US Federal Reserve's decision not to launch a third round of quantitative easing. Read on and comment » | Garry White | Monday, September 26, 2011

FRANCE SOIR: L’or en chute libre : Le métal jaune perd son statut de valeur refuge. » | Mardi 27 Septembre 2011
BAE Systems Poised to Announce 3,000 Job Cuts

THE DAILY TELEGRAPH: BAE Systems, the defence giant, is expected to announce around 3,000 job cuts today, ending days of speculation about the scale of redundancies.

The move comes in the wake of the Government’s defence cuts and is understood to have been prompted by flagging sales of the Eurofighter jet.

The job losses are expected to be mainly at sites in its military aircraft division in Warton and Samlesbury in Lancashire, and Brough, East Yorkshire.

Union leaders said defence cuts had been a “hammer blow” to the defence industry but expressed fury that workers at the firm have been kept waiting for confirmation of the job losses.

Paul McCarthy, regional officer of the GMB, said it was a "disgrace" that workers heard via a leak to the media over the weekend that thousands of job losses were imminent.

"We are going to ask the company to launch a formal investigation to establish who leaked this information."

There is speculation that 900 jobs will be cut at Brough, 820 at Warton and 560 at Samlesbury, with hundreds more at smaller BAE sites. » | Murray Wardrop | Tuesday, September 27, 2011

Monday, 26 September 2011

Ärztemangel in der Schweiz

In der Schweiz steuert man auf einen Ärztemangel zu. Besonders spürbar wird dieser Mangel bei den Hausärzten und Gynäkologen werden. Um dem entgegen zu wirken, hat man im Kantonsspital Aarau nun Initiative ergriffen.

Tagesschau vom 25.09.2011

Sunday, 25 September 2011

Once Prosperous New Yorkers Forced to Live under Canvas in New Jersey Woods

THE SUNDAY TELEGRAPH: The white picket fence and manicured flowerbeds outside 1 Paradise Lane are straight from a picture postcard of idyllic suburban American life in the 1950s.

But its walls are no more than canvas. Its porch overlooks smouldering bonfires and scrawny hens scratching at dirt.

Its occupant is Marilyn Berenzweig, 61, who used to make $100,000 (£63,333) a year as a designer in New York’s garment district. Now she and her husband Michael are down and out, living in Tent City, Lakeland, New Jersey. There is no electricity or running water and racoons steal their food. “It’s not an easy life,” she said.

She and Mr Berenzweig, a former radio producer, are two of the 27 million Americans out of work or under-employed as recession stalks America. » | Jon Swaine, New Jersey | Sunday, September 25, 2011
Schuldenkrise: Schäuble: Rettung Griechenlands dauert zehn Jahre

WIRTSCHAFTSWOCHE: Griechenland braucht nach Einschätzung von Finanzminister Wolfgang Schäuble (CDU) rund zehn Jahre, um sich von der Krise zu erholen.

„Dass Griechenland nicht wie 2010 gedacht, schon 2012 an den Kapitalmarkt zurückkehren kann, ist klar“, sagte Schäuble der WirtschaftsWoche. „Griechenland wird zur vollen Herstellung seiner Wettbewerbsfähigkeit sicher eher ein Jahrzehnt brauchen als ein Jahr.“

Ob die Rettungsmaßnahmen letztlich erfolgreich sein werden, hänge vom Durchhaltewillen des griechischen Volkes ab. „Wir können dem griechischen Volk die erforderlichen Anpassungsleistungen nicht ersparen. Am Ende muss das Volk entscheiden, ob es die Last tragen kann und will.“ Die griechische Regierung sei auf jeden Fall klar entschlossen, unter allen Umständen im Euro zu bleiben. Der Finanzminister weiter: „Wir sollten Respekt haben vor den enormen Anpassungslasten, die dem griechischen Volk abverlangt werden. Dabei scheint es auch nicht immer fair zuzugehen, wenn man den Medienberichten über Yachten in Piräus oder Mykonos und anderem glauben darf.“ » | Henning Krumrey, Roland Tichy | Samstag 24. September 2011
The Greek Tragedy: No Money, No Hope

THE DAILY TELEGRAPH: Despairing middle classes could be the biggest threat to Greece's future, writes Paul Mason in Athens.

Dmitris Andreou made the last sale out of his small estate agents business in June. His wife Mary, makes her living preparing high-school students for English exams.

But her living has dried up. Their savings are exhausted, their disposable income has dropped by about 50 per cent in two years, and they are angry.

"Some days we only buy the basics and a few days lately we were not able to buy even those. We have to count our cents to decide between buying bread, milk or butter," says Mary.

"Some days are better, but some are difficult. We don't buy clothes any more. People don't go out. There is simply no money around out there."

In their neat apartment in an Athens suburb, surrounded by family heirlooms and lace tablecloths, they are a world apart from the anarchist demonstrators who snatch the headlines whenever opposition to the EU-imposed austerity measures is discussed.

But what's happening in living rooms like theirs presents the bigger danger to the future of Greece. People are switching off: from politics, from the mass media, from social life.

"We would like to see the politicians executed," says Maria, not smiling as she delivers the joke. "Most people are saying this: politicians deserve capital punishment – at the Greek equivalent of Traitors' Gate. It would be a nice time for politicians to be heroes, to stand up and defend the people. But they're not." » | Paul Mason, BBC Newsnight's Economics Editor, Athens | Saturdaay, September 24, 2011

LOS ANGELES TIMES: Greece unveils more austerity measures: The struggling nation plans to cut 30,000 state jobs and reduce pensions in an effort to avoid default. » | Anthee Carassava, Los Angeles Times | Wednesday, September 21, 2011

Christmas Shopping Begins Even Earlier on Struggling British High Street

THE GUARDIAN: Mince pies go on sale in September as hard-pressed traders try to expand most profitable trading season

As Britain's high streets struggle to cope with a flatlining economy and collapsing demand from shoppers, major retailers have decided that Christmas needs to come earlier than ever.


A decade ago, retailers would not start their festive promotions until late October, but this year – with dozens of retail chains on the brink of bankruptcy – selection boxes, mince pies and even advent calendars and Christmas puddings are already on the shelves of supermarkets across the country.

Marks & Spencer on Oxford Street has a dedicated aisle for Christmas products. Brian Payne, a 70-year-old retiree from Tottenham, north London, was stocking up on mince pies on Friday lunchtime. "It's amazing, isn't it, that you can get all this Christmas stuff already," said Mr Payne, who had two boxes of lattice mince pies in his basket. "I want it to be Christmas every day, so I really don't mind that it's come around this early.

"They say 'for Christmas' on them, but if you look at the best-before date they only last till 2 October. I bought two boxes last week as well. I'll probably go through 30 boxes before I have one on Christmas day."

Richard Hyman of Deloitte says retailers have been forced to move their festive ranges and promotions forward because, for many shops, Christmas is the "only time they make any serious money".

"There is a very finite level of demand out there, so if the guy next door goes on promotion, retailers will feel obliged to follow suit," he said. » | Rupert Neate | Saturday, September 24, 2011

THE GUARDIAN: Milan fashion week spreads joy amid Italy's deepening market gloom: City's fashion week has been a huge hit, with brands tapping into nation's history to attract foreign buyers » | Tom Kington in Rome | Saturday, September 24, 2011

Saturday, 24 September 2011

Multi-trillion Plan to Save the Eurozone Being Prepared

THE DAILY TELEGRAPH: European officials are working on a grand plan to restore confidence in the single currency area that would involve a massive bank recapitalisation, giving the bail-out fund several trillion euros of firepower, and a possible Greek default.

German and French authorities have begun work on a three-pronged strategy behind the scenes amid escalating fears that the eurozone’s sovereign debt crisis is spiralling out of control.

Their aim is to build a “firebreak” around Greece, Portugal and Ireland to prevent the crisis spreading to Italy and Spain, countries considered “too big to bail”.

According to sources, progress has been made at the G20 meeting in Washington, where global leaders piled pressure on the eurozone to fix its problems before plunging the world back into recession. In a G20 communique issued on Friday, the world’s leading economies set themselves a six-week deadline to resolve the crisis – to unveil a solution by the G20 summit in Cannes on November 4.

Sources said the plan would have to be released as a whole, as the elements would not work in isolation.

First, Europe’s banks would have to be recapitalised with many tens of billions of euros to reassure markets that a Greek or Portuguese default would not precipitate a systemic financial crisis. The recapitalisation plan would go much further than the €2.5bn (£2.2bn) required by regulators following the European bank stress tests in July and crucially would include the under-pressure French lenders. » | Philip Aldrick, and Jeremy Warner in Washington | Saturday, September 24, 2011

Friday, 23 September 2011

'We Won't Pay': Greece's Middle Class Revolt against Austerity

SPIEGEL ONLINE INTERNATIONAL: Small business owners in Greece have long been the backbone of the economy and reliable taxpayers in a country where tax evasion is rampant. That, though, is now changing. Self-employed workers like Angelos Belitsakos have had enough of rising taxes and have begun to revolt.

The people who could ultimately give Greece the coup de grace are not the kind to throw stones or Molotov cocktails, and they have yet to torch any cars. Instead, they are people like 60-year-old beverage distributor Angelos Belitsakos, people who might soon turn into a real problem for the economically unstable country. Feeling cornered, he and other private business owners want to go on the offensive. But instead fighting with weapons, they are using something much more dangerous. They are fighting with money.

Belitsakos is a short, slim and alert man who lives in the middle-class Athenian suburb of Holargos. He is also the physical and spiritual leader of a movement of businesspeople in Greece that is recruiting new members with growing speed. While Greece's government is desperately trying to combat its ballooning budget deficit by raising taxes and imposing new fees, people like Belitsakos are putting their faith in passive resistance.

The group's slogan is as simple as it is stoic: "We Won't Pay." » | Ferry Batzoglou and Jörg Diehl in Athens | Friday, September 23, 2011
Schweizer Börse rutscht wieder deutlich ins Minus

Dax fällt unter 5000 Punkte

NZZ ONLINE: Die Schweizer Börse hat am Freitag anfängliche Gewinne nicht behaupten können und ist im Einklang mit anderen europäischen Finanplätzen wieder deutlich ins Minus gerutscht.

Der vor allem technisch bedingte Kursanstieg nach dem Einbruch vom Vortag war mangels Anschlusskäufen nur von kurzer Dauer und die Notierungen rutschen wieder ab. «Woher soll die Erholung kommen? Wir haben derzeit einfach zu grosse Unsicherheiten im Markt wie die weitere wirtschaftliche Entwicklung und die Schuldenproblematik», sagte ein Händler. » | Reuters | Freitag 23. September 2011
Global Markets Buckle on Fears of New Financial Meltdown

LOS ANGELES TIMES: Asian and European stocks spiral downward. The Dow Jones industrial average plunges almost 400 points toward its worst week since the depths of Wall Street's collapse in 2008.

The strain of deteriorating economic conditions and the failure of governments to contain the damage are raising fears that a new financial market meltdown may be unavoidable.

The grim mood was evident worldwide as a cascade of selling in stocks and commodities was triggered by concerns that policymakers lack the firepower and political consensus to revive their faltering economies.

The Federal Reserve's latest move to push interest rates lower failed to assuage investors, who appear to be giving in to anxieties about a double-dip recession.

Global markets buckled Thursday. Asian and European stocks spiraled downward and pulled the Dow Jones industrial average down almost 400 points toward its worst week since the depths of Wall Street's meltdown in 2008. Even gold wasn't a safe place to turn.

Meanwhile, interest rates on U.S. Treasury bonds fell to lows not seen since the 1940s as investors rushed to lock in yields.

"The fear is that this is another event of the magnitude of 2008," said John Bollinger, head of Bollinger Capital Management in Manhattan Beach. "This is entirely being driven by fear." » | Walter Hamilton, Tom Petruno and Tiffany Hsu, Los Angeles Times | Friday, September 23, 2011

Thursday, 22 September 2011

David Cameron: World on Brink of New Economic Crisis

THE DAILY TELEGRAPH: The world stands on the brink of a new economic crisis that would leave countries like Britain “staring down the barrel”, David Cameron has warned.

The Prime Minister said that the failure of leaders in the US and Europe to tackle government deficits now “threatens the stability of the world economy”.

Mr Cameron spoke as stock markets around the world fell sharply again, with the FTSE-100 suffering its biggest drop for more than two years.

Politicians, central bankers and investors are increasingly worried that the world’s biggest economies are sliding back into a recession, dragged down by government debts.

More gloomy economic data yesterday led one of the world’s leading economists to say that Britain, the US and the eurozone are all already in recession, and warn of a second financial crisis worse than that of 2008/9.

The Prime Minister spoke in Canada after delivering a blunt warning to President Barack Obama and eurozone leaders about the need to follow Britain’s example and curb their deficits.

In a speech in Ottawa, Mr Cameron said that Western politicians must show more “leadership” and warned that political indecision would only worsen the crisis. » | Jon Swaine, in New York and James Kirkup | Thursday, September 22, 2011

Nouvelle journée noire à la Bourse de Paris

LE FIGARO: Le CAC 40 clôture ce jeudi sur une baisse de 5,25% à 2781,68 points, encore plombé par le secteur bancaire. Les investisseurs sont de plus en plus inquiets des signaux de ralentissement économique mondial.

La journée de jeudi s'achève sur une nouvelle dégringolade des marchés parisiens. Le CAC 40, qui a immédiatement débuté la journée sur une forte baisse, a cassé en séance le seuil psychologique des 2800 points. Il clôture sur une chute de 5,25% à 2781,68 points. Les autres Bourses européennes suivent le mouvement : Londres dévisse de 4,67%, Francfort de 4,96%, Zurich de 3,41% et Milan de 4,52%. » | Par Hayat Gazzane | Jeudi 22 Septembre 2011
Fraud Charge Trader Kweku Adoboli 'Sorry Beyond Words'

THE DAILY TELEGRAPH: An alleged rogue trader accused of the City’s biggest fraud is “sorry beyond words”, his lawyer said today.


Former public school boy Kweku Adoboli was “appalled” at the consequences of his “disastrous miscalculations”, said his barrister Patrick Gibbs QC.

Kweku Adoboli is said to have gambled away £1.5 billion while working for Swiss investment bank UBS.

The 31-year-old of Stepney, east London, who faces two charges of false accounting and two counts of fraud, appeared before City of London magistrates.

Mr Gibbs told the hearing: “He is sorry beyond words for what has happened here.
“He went to UBS and told them what he had done and stands appalled at the scale of the consequences of his disastrous miscalculations.”

Adoboli was remanded in custody to appear for a committal hearing on October 20. No plea was entered and there was no application for bail. » | John-Paul Ford Rojas | Thursday, September 22, 2011
Bill Clinton fällt Obama in den Rücken

TAGES ANZEIGER: Der ehemalige US-Präsident bezeichnet die geplante Reichensteuer seines Nachfolgers als Unsinn. Über die Medien deckt er Obama mit Ratschlägen ein. Lob gibt es dafür für eine andere Person in dessen Kabinett.

Ex-Präsident Bill Clinton untergräbt die Autorität von Barack Obama. Im Interview mit dem konservativen Magazin «Newsmax» kritisiert er die Absicht des US-Präsidenten, die Steuern für die Reichen zu erhöhen, um so das Schuldenproblem zu beheben.

Obamas Zugang zum Defizit sei «ein bisschen verwirrend», sagt er. «Ich glaube nicht, dass wir Steuern erhöhen oder Ausgaben streichen sollten, bevor unsere Wirtschaft wieder in Gang kommt.» Die Amerikaner hätten vergessen, dass – unabhängig davon, ob man dafür oder dagegen sei – eine zusätzliche steuerliche Belastung der Millionäre das Problem nicht lösen würde. » | miw | Donnerstag 22. September 2011
Kein Winterreifen ist “sehr gut”

North Korea Taps into Tourism to Attract Foreign Investment

There are perhaps few more incongruous-sounding holiday destinations than North Korea.


Read article here
'Buffett Rule' a Bust in California

LOS ANGELES TIMES: The state's over-reliance on taxing the rich has been a disaster during bad times

If President Obama really wants to see the "Buffett Rule" in action, he should look at California's tax system. The state has been plagued by it for years.

The revenue stream is unstable and the state budget has been a deficit disaster.

Soaking the rich — relying heavily on them for income taxes — has resulted in a precarious revenue roller coaster ride. It's either boom or bust in Sacramento, depending on how the wealthy are faring in the stock market and their other investments.

Billionaire investor Warren E. Buffett's rule is that he shouldn't be paying a lower income tax rate than his secretary or any middle-class taxpayer.

"Legislators in Washington," Buffett complained in a New York Times opinion piece last month, "feel compelled to protect us [mega-rich] much as if we were spotted owls or some other endangered species…. My friends and I have been coddled long enough by a billionaire-friendly Congress."

With rhetorical flourish, Obama incorporated the Buffett Rule into the deficit-cutting plan he announced Monday, declaring that people earning more than $1million shouldn't be allowed to pay a lower tax rate than middle-income families.

In California, we've got what you could call a Buffett Rule-Plus. There's an extra tax bracket — at 10.3% — for income exceeding $1million. » | George Skelton | Capitol Journal | From Sacramento | Thursday, September 22, 2011
Overseas Markets Dive Amid Pessimism

THE GLOBE AND MAIL: World stocks skidded lower Thursday, stung by the Federal Reserve’s pessimistic assessment of the U.S. economy and the perceived ineffectiveness of measures to kickstart growth.

Benchmark oil tumbled below $84 a barrel while the U.S. dollar strengthened against the euro but fell against the yen.

European shares were sharply lower in early trading. Britain’s FTSE 100 dropped 3.2 per cent to 5,121.71 and Germany’s DAX stumbled 3.4 per cent to 5,249.80. France’s CAC-40 fell 3.6 per cent to 2,830.87.

Ahead of the opening bell, Wall Street was bracing for losses. Dow Jones industrial futures were down 1.1 per cent at 10,886 and S&P 500 futures shed 1.3 per cent to 1,141.10. » | Pamela Sampson | Bangkok | The Associated Press | Thursday, September 22, 2011
Athènes: grève générale contre le plan d'austérité

TRIBUNE DE GENÈVE: Entre colère, incrédulité et consternation, les Grecs ont entamé aujourd'hui une grève générale des transports pour protester contre les mesures d'austérité. Athènes est immobilisée.

Une grève générale des transports à Athènes déclenchée en réaction au nouveau train de mesures d’austérité décidé par le gouvernement grec dans l’espoir d’empêcher la faillite du pays et de le maintenir dans la zone euro provoque le chaos dans la capitale.

Situation exceptionnelle, Athènes était privée de tout transport, avec l’appui des taxis, irrités d’un projet de libéralisation de leur secteur, tandis qu’enseignants et employés municipaux avaient également prévu des arrêts de travail.

Les contrôleurs aériens ont entamé un arrêt de travail de quatre heure, forçant les compagnies aériennes à annuler ou reporter les vols. Le secteur public sera en grève le 5 octobre et une grève générale de 24 heures est prévue le 19 octobre.

Ces mouvements sociaux réflètent la colère, l’incrédulité et la consternation de la population, devant le nouveau tour de vis annoncé la veille par le gouvernement. Dès mercredi soir, une manifestation anti-austérité avait eu lieu dans les rues d’Athènes. » | AFP | Jeudi 22 Septembre 2011

Wednesday, 21 September 2011

La Grèce fera défaut mais ne quittera pas la zone euro selon Fitch

TRIBUNE DE GENÈVE: "Fitch s’attend à ce que la Grèce se retrouve en défaut de paiement, mais (le pays) ne va pas quitter la zone euro", a indiqué l’agence de notation dans une étude.

La Grèce, embourbée dans la crise de la dette, va se retrouver en défaut de paiement mais ne quittera pas la zone euro, car les coûts d’une telle décision seraient trop élevés non seulement pour Athènes mais pour l’ensemble de l’Europe, a indiqué mercredi Fitch.

"Fitch s’attend à ce que la Grèce se retrouve en défaut de paiement, mais (le pays) ne va pas quitter la zone euro", a indiqué l’agence de notation dans une étude.

"Si la Grèce quittait (la zone euro), cela établirait un précédent qui pourrait mortellement déstabiliser l’ensemble de la zone euro", a ajouté l’agence, qui a attribué une note de dette à long terme "CCC" à la Grèce, soit un émetteur présentant un véritable risque de non-remboursement. » | AFP | Mercredi 21 Septembre 2011
Halifax Launches Premium Bonds Rival

THE DAILY TELEGRAPH: Halifax, Britain's biggest savings bank, is taking on National Savings' Premium Bonds – the nation's favourite savings product – with the launch of a new monthly prize draw.

Every month the bank will award cash prizes of up to £100,000 to randomly selected savers. To qualify, customers must be aged over 18 and have at least £5,000 in savings with Halifax or Bank of Scotland, although this sum does not all have to be in the same account.

The odds of winning a prize are expected to be higher than with Premium Bonds, where each £100 holding has a 240 to 1 chance of scooping a prize each month. However, unlike with Premium Bonds, savers who don't win will still receive interest as normal on their accounts.

Halifax will give away three £100,000 cash prizes each month, 100 prizes worth £1,000 and 1,000 prizes at £100 – a total of £6m a year. Read on and comment » | Emma Simon | Wednesday, September 21, 2011
Bank of England Mulls More Quantitative Easing

SHARECAST: LONDON - The Bank of England Monetary Policy Committee (MPC) voted unanimously to keep rates and the asset purchase programme unchanged at its latest monthly meeting, but moved closer towards embarking on an expansion of quantitative easing.

As expected, all nine members of the MPC voted to keep rates at 0.5%. Adam Posen voted for the quantitative easing programme to be raised to £250bn from £200bn. The voting was the same as at the August meeting in line with economists’ predictions. » | RG | Wednesday, September 21, 2011

Tuesday, 20 September 2011

Vince Cable Warns Economic Squeeze Will Stay

DAILY EXPRESS: VINCE Cable yesterday issued a stark warning to families that the era of ever-improving living standards had come to an abrupt end.

In a speech tinged with pessimism about the economy, the Business Secretary told the Lib Dem conference that the world financial crisis meant households had to accept years of tightening budgets. » | Daily Express Reporter | Tuesday, September 20, 2011

Monday, 19 September 2011

Vince Cable: 'Pay Should Be Transparent'

The Business Secretary tells the Liberal Democrat conference he is consulting on how to tackle escalating executive pay.

Liberal Democrats Party Conference 2011: Vince Cable's Speech to Conference in Full

THE DAILY TELEGRAPH: Vince Cable tells Liberal Democrat Party Conference in Birmingham: "We now face a crisis that is the economic equivalent of war." This is the full text of his speech.


These are dangerous times for our economy.
There is much uncertainty.

But I am absolutely certain that, at such a moment, the country is stronger for having two parties in coalition working in the national interest.

When I joined up I had very mixed feelings about this coalition, like many of you.
I looked for good precedents.

I thought of Attlee and Bevin working with their Tory opponents – Churchill and Beaverbrook – setting aside their political differences in a common cause.

That coalition unleashed the great Liberal reformers; Beveridge and Keynes.

Now, you could say: that was war; that’s different.

Yes, it is different.

But we now face a crisis that is the economic equivalent of war. » | Monday, September 19, 2011

This man speaks sense! – Mark
Euro Split Would Be Cataclysmic

Senior HSBC economist Mark Berrisford-Smith tells Sumant Bhatia that he is now scared at how the eurozone crisis is unfolding. (Monday, September 19, 2011)

"Mehr Europa - Stärkerer Euro?" - Phoenix Runde vom 01. September 2011

Alexander Kähler diskutiert in der PHOENIX RUNDE mit:
- Prof. Max Otte (Finanzwissenschaftler, Fachhochschule Worms)
- Birgit Marschall (Rheinische Post)
- Wilhelm Schönfelder (ehem. EU- Botschafter)

Mit ihrer Forderung nach den „Vereinigten Staaten von Europa" hat Ursula von der Leyen für großes Aufsehen gesorgt. Fraglich ist, ob „Mehr Europa" - wie die Einführung einer „Europäischen Wirtschaftsregierung"- die Euro-Krise lösen kann.

Bei der Frage, wie der Euro gestärkt werden kann, hat sich auch Friedrich Merz zu Wort gemeldet. Er fordert für Länder wie Griechenland eine Suspendierung aus der Währungsunion, zumindest auf Zeit, wenn diese sich nicht an die Haushaltsdisziplin halten. Die CSU unterstützt zwar die Bemühungen um eine europaweite Schuldenbremse und auch die Pläne einer Finanztransaktionssteuer. Sie ist aber dagegen, in Europa noch mehr bürokratische Institutionen zu schaffen. Bei der geplanten Abstimmung um den erweiterten EU-Rettungsschirm scheint die Kanzlermehrheit wackelig.

Kann eine gemeinsame Wirtschaftsregierung den Euro aus der Krise führen? Wird Angela Merkel die Kritiker in der Union auf Linie bringen können?


Saturday, 17 September 2011

La colère de Jacques Delors

LE POINT: L'ancien président de la Commission européenne est indigné de l'absence de prise de décision face à la crise en Europe.

L'ancien président de la Commission européenne Jacques Delors s'est indigné samedi des divisions en Europe sur la crise de la dette qui ont abouti à ce que les ministres de l'Économie des 17 pays de la zone euro repoussent toute décision. » | LEPOINT.FR | Samedi 17 Septembre 2011
Eurozone Crisis: Osborne Wants 'Much Better' International Response

Chancellor George Osborne calls on European leaders to send 'clear signal' that they are dealing with situation

Friday, 16 September 2011

Euro-Krise

Der kriselnde Euro und vor allem das Sorgenkind Griechenland haben die Finanzminister der Euroländer in den letzten Tagen auf Trab gehalten. Heute treffen sich die Minister in Polen, um über die Schuldenkrise in Griechenland zu diskutieren. Einschätzungen von SF-Korrespondent Jonas Projer aus Wroclaw

Tagesschau vom 16.09.2011
Etats-Unis : les républicains proposent un plan emploi contre celui d'Obama

LE MONDE: Le président républicain de la Chambre des représentants américaine, John Boehner, a répondu jeudi 15 septembre au plan emploi de Barack Obama en éreintant les propositions du président qui, selon lui, ne relanceront pas l'emploi dans le secteur privé.

"Les propositions du président sont un faible substitut aux politiques de croissance qui sont nécessaires pour éliminer les obstacles à la création d'emploi aux Etats-Unis (...), aux politiques nécessaires pour remettre le pays au travail", a déclaré M. Boehner dans un discours sur l'emploi au Club économique de Washington. Selon M. Boehner, le plan du président américain semble "avoir plus à voir avec la prochaine élection qu'avec la prochaine génération", alors que le taux de chômage américain stagne à 9,1 %. » | LEMONDE.FR avec AFP | Vendredi 16 Septembre 2011

Thursday, 15 September 2011

Singapur-Gründer Lee Kuan Yew: Asiens Vordenker sieht Euroraum vor dem Ende

FRANKFURTER ALLGEMEINE ZEITUNG: Er gibt Europa keine Chance: Lee Kuan Yew, Gründer und langjähriger Ministerpräsident Singapurs, sagt, der Euroraum sei nicht zu retten. Chinas Hilfsangebot sei reines Eigeninteresse.

Einer der führenden Staatsmänner Asiens gibt der Eurozone keine Chance mehr: Lee Kuan Yew, der Gründer Singapurs und langjährige Ministerpräsident des reichen Stadtstaates, erklärte, der Euroraum sei nicht zu retten. Der Zusammenbruch werde „ein sehr schmerzhaftes Geschäft“. Ein Zusammenbruch werde für die europäischen Politiker „ein Eingeständnis, dass ihre Erwartung des geeinten Europa unerreichbar ist“. Lee sagte: „Ich kann nicht erkennen, wie die Eurozone gerettet werden sollte. Aber sie versuchen es und wollen es weiterlaufen lassen.“ Einem Kauf europäischer Anleihen erteilte Lee, dessen Sohn Ministerpräsident von Singapur ist und dessen Schwiegertochter den reichen Staatsfonds Temasek leitet, eine Absage. „Singapur ist nicht in der Lage, die Europäer zu retten. Ich denke auch nicht, dass der Kauf von Bonds sie notwendigerweise retten würde.“

Lee ordnete auch das Verhalten der Chinesen ein: „Ich denke nicht, dass sie Europa um Europa willen retten wollen. Sie sind daran interessiert, Eurobonds preiswert zu kaufen und eine gute Rendite zu erzielen.“ Auch liege ein gemeinsames Europa nicht im Interesse Chinas: „Es ist leichter, mit 27 schwachen europäischen Ländern umzugehen als mit 27 vereinten Ländern Europas“, erklärte Lee nüchtern. » | Von Christoph Hein, Singapur | Donnerstag 15. September 2011