Tag Archives: Germany

Germany Passes Greek Bailout

By Andrew Busch | Published: May 7, 2010

In a vote along party lines, the German parliament approved the E22.4 billion Greek aid bill as part of the joint EU-IMF rescue of Greece. According to Germany’s DPA, Chancellor Angela Merkel‘s centre-right coalition, with the support of the Green party, carried the vote, which passed with 390 votes in favor, 72 against and 139 abstentions from the opposition party of Social Democrats. Clearly, the opposition is making a play for the state vote in North Rhine Westphalia on Sunday and tapping into German voter’s anger over paying for Greek fiscal misdeeds.

Also, German banks and insurers have pledged to … …READ MORE

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Friday German Parliament Vote Primer

By Andrew Busch | Published: May 6, 2010

The German parliament’s budget committee approved a draft law on Wednesday on Germany’s contribution to the Greek financial package. The vote was along party lines with PM Merkel’s coalition parties of Christian Democrats, their Bavarian Christian Social Union affiliates and the Free Democrats all backing the plan. The German parliament is now on schedule to vote on the draft on Friday.

The Bundestag or lower house is the key entity voting. The upper house or Bundesrag will rubber stamp it. So far, the coalition is holding together and will likely pass the Greek debt package on Friday. The opposition party … …READ MORE

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German Vote=TARP Vote Part 2

By Andrew Busch | Published: May 5, 2010

Here are the latest comments by European financial officials:

01:36 05May10 RTRS-GERMANY’S MERKEL SAYS GREEK AID PLAN IS ABOUT THE FUTURE OF EUROPE AND GERMANY IN EUROPE
01:37 05May10 RTRS-GERMANY’S MERKEL SAYS WITHOUT US THERE CAN BE NO DECISION WHICH IS ECONOMICALLY SUSTAINABLE
01:49 05May10 RTRS-GERMANY’S MERKEL SAYS AID MUST COME TO AVOID RISK OF CONTAGION
03:17 05May10 RTRS-ECB’S WEBER – GREEK DEFAULT WOULD BE SUBSTANTIAL RISK FOR THE STABILTY OF EURO ZONE, FINANCIAL SYSTEM
03:17 05May10 RTRS-ECB’S WEBER – SEE THREAT OF SERIOUS CONTAGION EFFECTS FOR OTHER EURO ZONE STATES
06:20 05May10 RTRS-GERMAN FIN MKT WATCHDOG BAFIN CHIEF SAYS … …READ MORE

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2010 German Bailout Vote=2008 Congress TARP Vote

By Andrew Busch | Published: April 30, 2010

While the EU/IMF/ECB continuing to work towards an agreement on Greece, my thoughts turn to the voting that will occur next week in Germany. As most know, the German voter is not happy with having to support Greek pensions that start 2 years before Germans can retire. This is why PM Merkel wanted to delay voting on a debt plan until after the May 9th North Rhine-Westphalia state elections. She also didn’t want to have voters confront the issue that Germany has not reduced their own spending as she promised. As a matter of fact, the German government in March … …READ MORE

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Greece Bailed Out! Seriously, We Mean It This Time……We Think:

By Andrew Busch | Published: April 12, 2010

Over the weekend, the EU and IMF announced a support package for Greece that appeared initially to mollify German constitutional concerns. As I predicted on Friday, the first reaction to the news was a big rally in the Euro and it soared above 1.3600. The 45 billion Euro deal would have 30 billion from the EU states and 15 billion from the IMF supplied at a 5% rate to Greece. The rate is a compromise between where Germany borrows in the market (10 yr 3.19%) and where Greece can borrow (above 7% on Friday, now 6.62%).

On the news, Greek … …READ MORE

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ECB Supports Greece, but Market Asks,” Who’s Next”?

By Andrew Busch | Published: March 25, 2010

A couple of weeks ago, I attended the NABE conference in DC and had the chance to hear the ECB’s Juergen Stark speak. His topic was, “Is the Global Economy Headed for a Lost Decade. At that time, there was considerable uncertainty over whether there would be any help forthcoming to assist Greece with the debt and austerity program. On that morning, there appeared to be some agreement between France and Germany for assistance and this was seen as a breakthrough for discussions on a backstop lending program. At the luncheon for Stark, he specifically made clear how he felt … …READ MORE

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Greece Fire Or Can PIIGS Fly?

By Andrew Busch | Published: February 10, 2010

Today at 11:00 AM ET, I’ll be appearing on CNBC’s the Call discussing the potential bailout of Greece by the European Union.

Before anyone can savor the possible bailout/backing of Greece debt by Germany, we get these series of comments:

GERMAN GOVT OFFICIAL SAYS GREECE MUST PURSUE SUSTAINED PATH TO CONSOLIDATION
GERMAN GOVT OFFICIAL SAYS THERE IS NO DECISION ON AID FOR GREECE, AND IT’S NOT PENDING EITHER
GERMAN GOVT OFFICIAL SAYS IT’S NOT GERMANY’S JOB TO TELL GREECE WHAT IT NEEDS TO DO
GERMAN GOVT OFFICIAL SAYS NO DECISION PENDING ON AID FOR GREECE
GERMAN GOVT OFFICIAL SAYS THE … …READ MORE

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