Greeks fearing the safety of their deposits in banks, as well as Greeks trying to evade paying taxes, have reportedly “bailed out” their money of the debt struck country into the safe haven of Swiss banks in a scale of 200 billion Euros.
The European Union will seek to further discussions over a trade deal with Mercosur at the upcoming G20 summit in Cannes in November announced on Tuesday German Chancellor Angela Merkel alongside visiting Uruguayan president Jose Mujica.
The Guardian newspaper reported on Tuesday that France and Germany had agreed to boost a euro zone financial rescue fund to two trillion Euros pushing US stocks and the Euro higher despite doubts about whether there was such an agreement.
Uruguayan president Jose Mujica tried to seduce German investors and business people during his first day visit to Germany which has been marked by the impact of the European crisis. On Tuesday he is scheduled to meet Chancellor Angela Merkel and President Christian Wulff.
Germany lowered expectations of a breakthrough in the Euro zone's sovereign debt crisis next weekend, saying Sunday's EU summit will not produce a final solution, and kept up pressure on banks to accept bigger write-downs on Greek debt.
The leaders of Germany and France promised to unveil a new comprehensive package for solving the Euro zone's debt crisis by the end of the month, but offered no details and papered over differences on how to shore up European banks.
A large majority in the German parliament has approved expanded powers for the EU main bailout fund. Chancellor Angela Merkel received stronger than expected support in the Bundestag despite some in her coalition vowing to oppose the bill.
Commodity prices fell and stocks ended a three-day rally on Wednesday on anxiety over a looming German vote to strengthen the fund set up to help the Euro zone combat its debt crisis.
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, Chancellor Angela Merkel said on Tuesday.
Last Sunday outside of Germany and probably Eastern Europe the feat was ‘uneventful’, but the Pirate party ‘captured’ 15 seats in Berlin’s state assembly with 8.5% of the votes humiliating major parties such as the Free Democrats and landing Chancellor Angela Merkel yet another political setback.