Saturday, October 1, 2011

Papandreou fordert deutsche Hilfe

September 27 2011-13: 16 GMT as George Papandreou says ' this crisis must unite us to a stronger Europe'Greek Prime Minister George Papandreou delivered a passionate plea for German entrepreneurs to help his country from the current crisis.

Mr Papandreou said no investment in the last error would be German funding, but take place in the future.

He welcomed also Greece "supermen" to reduce efforts by his debt.

The Prime Minister is to meet with German Chancellor Angela Merkel, his country in Germany when cut to discuss budget deficit.

Mr Papandreou said that the current crisis is a "Unique opportunity, important reforms, which desperately needs Greece to become competitive again".

Parallel with the reunification of Germany, drawing he said "the rebirth of a nation".

"Their contribution can be decisive," he said that gathered businessmen and women.

Mr Papandreou said that in 2010 Greece the "largest budgetary consolidation in a single year [a member eurozone]" had monitored budget deficit to reduce, by five percentage points.

Read the most important story image of Stephen Evans Stephen Evans BBC News, Berlin

There are two big issues on the table: the ability to write Greek debt, so that banks which receive not their money back for Greece; and progress in the Greek economy.

Chancellor Merkel is very likely that the vote on Thursday to win, but to show the people around them, that talk of more aid for Greece of the current measures help not this task, so that the public focus on Greek progress on frugality, rather than the easing of the Greek debt in the future should be.

Chancellor Merkel spoke of a gradual approach.

What German commentators read that as meaning: the "Yes" to secure the vote on Thursday and then step forward for further action, such as the more powerful rescue funds and helping banks - and then, in the long term, reform the governing structure of the European Union.

By 2012, he said, the country would see a budget surplus.

The public sector in Greece was a "major obstacle to growth, but very soon that is not the case... we are fighting our way back to the growth and prosperity", he added.

Frau Merkel responded by saying that "we respect, what did Greece on structural changes." "We all want to strengthen Greece".

Mr Papandreou visit to Germany comes as policy-makers decide whether it will release the last tranche of the Greek bailout funds.

The European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) should in Athens this week Greece progress in cutting its debt.

Together will decide whether the last tranche must release the bailout funds, that the Greek Government to pay their bills.

Before the visit, Greek Finance Minister Evangelos Venizelos said that his country would receive the money next month.

More importantly, has Mr Papandreou an eye on a key vote in Germany later in this week about whether to expand the powers of the eurozone bailout Fund. There is much of the opposition in Germany to see, what many people there as underwriting the entire block.

"Wrong idea"

Frau Merkel, said in an interview with the same contractor, more economic programs were not the answer to the current crisis.

"Economic growth must, combining with sound public finances", said the Chancellor.

"The idea that you need in order to increase growth, by increasing debt is the wrong idea." "I am deeply convinced."

She dismissed the idea of issuing bonds that are secured by all 17 members of the eurozone - so-called Eurobonds, as their adoption would lead, in what she called a Union of the debt.

Try European Heads of State and Government in a comprehensive package, the eurozone debt crisis for once to solve.

Divisions between the Member States on the best way to do this however.

Heads of State and Government met over the weekend, to discuss, but EU officials stressed that no major action plan had been agreed the best way forward.

A number of ideas were reportedly discussed, including a write-down of 50% of the Greek government debt.

Other proposals stronger large European banks, which could be taken obligations by all government debt defaults, and more the size of the eurozone bailout Fund.

However doubts on Monday German Finance Minister Wolfgang Schaeuble plans to strengthen the European financial stability facility (EFSF).

He said "We there the tools be if ready".

"Then we use it effectively, but we have no intention of increasing its volume."

On Thursday, Germany are to vote approval proposals in July extending the powers of the EFSF, to buy the bonds of the highly indebted countries and credit are available to both Governments would allow under enabled banks.

'Brutal sell'

Despite Mr Schäuble, comments, global stocks rallied strongly on hopes the leaders finally, were prepared to act decisively.

Wall Street opened 2.5% approximately 4%, while the Dax of Germany's and France's CAC 40 index in the mid-afternoon with the British FTSE 100 3% higher.

Japanese Nikkei index Castle 2.8%, Hong Kong Hang Seng to 4.2% and South of Korea's Kospi was up by 5%.

However, analysts warned that the gains of short duration might be.

"We this type of temporary rebounds many times before, with markets, to sell the coming up for air, brutally after days have experienced", said Kazuhiro Takahashi Daiwa Securities.

"Again, this is probably a short break before we see more signs of progress in the Greek debt crisis," he said.

Markets were very volatile in recent weeks as investors worry that the debt crisis out of control can be. You criticised the inability so far down on decision makers.

On Monday, President Barack Obama warned the far-reaching impact of the crisis.

"[Europe] treated never fully all the challenges that their banking system..." So they now go through a financial crisis, which is to frighten the world, "he said."

"It is now reinforced by what is happening in Greece."



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