Word: bundesbank
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...leaders' respective supporters have upped the ante in the showdown this week. Bundesbank board member Thilo Sarrazin warned that if Greece cannot pay its bills, "it should do what every debtor has to do and file for insolvency." And the fiery Greek Deputy Prime Minister, Theodoros Pangalos, accused Germany of betting on rising Greek bond yields. "In allowing monetary and credit institutions to take part in this miserable game, people in Germany are making money," Pangalos said. (See more about the E.U.'s bailout of Greece...
...There is a chance that Merkel will unveil something at the G-20 meeting to show that Europe's biggest economy is dealing with the issue. Axel Weber, president of the Deutsche Bundesbank, said talks between the banks, the finance ministry and SoFFin, the federal bank-stabilization fund, could produce a viable concept for a bad bank before the G-20 meeting. According to Weber, Germany would not create a central bad bank and it would not buy the toxic assets from the banks. Instead, German banks could split each bank into a good bank and a bad bank, allowing...
...being more focused," he says. He also makes a point of hobnobbing with the right people. Nearly two years ago, Munk formed a blue-chip advisory board at Barrick whose members include former U.S. President George Bush and former Canadian Prime Minister Brian Mulroney, as well as former Bundesbank chairman Karl Otto Pohl...
West German Chancellor Helmut Kohl's misgivings may be more forcefully expressed. West German officials appear to believe in contrast to the U.S. view, that their country's current anticipated growth rate is plenty. Two weeks ago, the West German Bundesbank declined to follow Washington as the U.S. cut the rate charged by the Federal Reserve to member banks from...
...gambling on foreign websites. The U.S. says it will appeal, but don't bet against online gambling. Very Expensive Room Service For over 50 years, Germans maintained unwavering faith in one institution: the Bundesbank, now a regional affiliate of the European Central Bank. Thus, the scandal around the bank's president, Ernst Welteke, has come as a shock. Welteke and his family stayed at Berlin's luxurious Hotel Adlon on New Year's Eve, 2001. Dresdner Bank picked up the tab - over 37,660 - landing Welteke under state investigation. Welteke paid his share last Monday and took a vacation...