German Chancellor Angela Merkel reiterated Thursday her opposition to a greater role for the European Central Bank in helping to solve the Euro zone debt crisis, saying political action was required.
Moody’s ratings agency decided on Thursday to surprisingly downgrade the rating of ten German public-sector banks. This is the first time Europe’s largest economy in the region, which keeps the Euro zone afloat, is hit.
As technocrats leaders in Italy and Greece rush to form governments as they sought to limit the damage from the Euro zone debt crisis – and the Euro climbed on relief that a key Italian bond auction drew decent demand from investors – German chancellor Angela Merkel stepped up to defend Europe’s common currency.
German Chancellor Angela Merkel rejected Thursday the idea that her government might favor a smaller Euro zone, saying her only goal since the beginning of the debt crisis has been to stabilise the bloc in its current form.
The package of measures agreed by European leaders this month to stem their debt crisis will only work “if all elements are implemented”, German Deputy Finance Minister Joerg Asmussen said in an interview Monday.
The German highest court suspended Friday a parliamentary committee's right to approve urgent actions by the Euro zone's bailout fund, potentially delaying decision-making in Europe's top economy on key moves to tackle the bloc's crisis
Germany's Bundestag lower house of parliament approved on Wednesday a motion to strengthen the Euro zone rescue fund via leveraging, providing Chancellor Angela Merkel with the mandate she needs to negotiate at a key Euro summit in Brussels.
Germany's political opposition has succeeded in ensuring plans to enhance Europe's bailout fund be brought to a vote in parliament on Wednesday. The decision came after the Bundestag's plenary session rejected the opposition's demands for an open debate just Friday.
German Chancellor Angela Merkel announced on 30 May that Germany, the world's fourth-largest economy and Europe's biggest, would shutter all of its 17 nuclear power plants between 2015 and 2022, an extraordinary commitment, given that they currently produce about 28% of the country's electricity.
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.