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UK Libertarian Party (Free subscription) | 07/12/2009
UK can't afford another fiscal rescue, warns IMF . Britain is the world's only leading economy unable to budget for any kind of economic rescue package next year, the International Monetary Fund has warned. In calculations that will spark further criticism over the state of the public finances, an IMF paper presented to world's leaders has laid bare how the UK's indebtedness has left it unable to provide...
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Ensaios Imperfeitos (Free subscription) | 07/08/2009
BRUSSELS -- European Union finance ministers Tuesday agreed that new rules are needed to avoid boom-and-bust cycles in financial markets, but they rejected Germany's bid to suspend capital requirements for banks. The ministers, following their monthly meeting in Brussels, criticized the current bank-capital rules outlined in the Basel II Accord. This international agreement, signed in 2004, was designed...
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The Economist (Free subscription) | 06/11/2009
Angela Merkel should stay chancellor, but the coalition could change “THE launch pad is not as good as we had imagined,” said Peer Steinbruck, the finance minister. That is an understatement. Mr Steinbruck’s Social Democratic Party (SPD) won just 20.8% of the vote in the European election, its worst performance in a countrywide contest since the war. Victory in the federal election...
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Ensaios Imperfeitos (Free subscription) | 05/28/2009
By DAVID CRAWFORD and MARCUS WALKER BERLIN -- Germany's financial regulator warned of serious problems at Hypo Real Estate Holding AG six months before the lender was rescued in a massive bailout, but the regulator lacked powers to act and the government ignored its warnings, according to documents viewed by The Wall Street Journal. The documents -- brought to light in preparation for parliamentary...
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Financial Times (Free subscription) | 04/13/2009
The world could face high inflation and a "crisis after the crisis" when the global economy recovers, Peer Steinbrück, German finance minister, has warned. The...
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Libertarian Democrat Point Of View (Free subscription) | 03/30/2009
TO BE NOTED: From Spiegel: " 'Bonehead' German Finance Minister Sends Invite to Krugman Nobel Prize winning economist Paul Krugman has blasted Germany's Peer Steinbrück for his resistance to economic stimulus spending. Now the "boneheaded," "know-nothing" finance minister has sent Krugman an invitation to come to Berlin to discuss their differences. Nobel Prize-winning...
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Times of the Internet (Free subscription) | 02/20/2009
BERLIN, Feb. 20 (UPI) -- German Finance Minister Peer Steinbruck warned the European Union may have to rescue individual countries overwhelmed by national debt. Member countries Italy, Greece and Ireland may be among the first in the eurozone to become insolvent, Der Spiegel reported Friday. We have a few countries in the eurozone who are getting into difficulties with their payments, Steinbruck said...
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The RBC (Free subscription) | 02/18/2009
Remember German Finance Minister Peer Steinbrück complaining last December about Gordon Brown's "crass Keynesianism" in the crisis? The German flu is spreading in Europe. Europe's economy is sliding even faster than America's. But the EU members agreed in December only on a measly fiscal stimulus of 1.5% of GDP, focused on the "most important" sectors (BTW, a male chauvinist...
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Seeker Blog (Free subscription) | 02/18/2009
Yves Smith says “This is a big deal” Finance minister Peer Steinbruck said it would be intolerable to let fellow EMU members fall victim to the global financial crisis. “We have a number of countries in the eurozone that are clearly getting into trouble on their payments,” he said. “Ireland is in a very difficult situation. “The [...]
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The Irish Times (Free subscription) | 02/18/2009
GERMAN FINANCE minister Peer Steinbrück has warned that Ireland and other eurozone members may face payment difficulties and require assistance from other members of the bloc.
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