„We should have competition in the production of money. I have long been a proponent of Friedrich August von Hayek scheme to denationalize money. Bitcoins are a first step in this direction.“ – Frank Schaeffler, member of German parliament’s Finance Committee Michael Krieger of ZeroHedge states: „More than anything else, I believe this represents a psychological...
“Because of some legal arguments there will be no proper haircut, but rather a third program in which interest payments are suspended or Greece gets direct support to circumvent the cut,” Frank Schaeffler, a member of parliament’s Finance Committee who opposed aiding fellow euro members, said by phone. “It won’t be called a haircut, but...
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Greece is said not to have one. Cyprus does, but needs to change it. Luxembourg’s is similar to Cyprus’s, but apparently it is just fine. Malta’s, however, requires more thought. I am, of course, referring to countries’ “business model,” which all sovereign states have lately been deemed to have. Germany, for example, is supposedly an...
German Economy Minister Philipp Roesler said he’ll fight attempts across Europe to weaken the euro, pledging that his Free Democratic Party will stand up for central-bank independence before federal elections on Sept. 22. Roesler, whose FDP is Chancellor Angela Merkel’s junior coalition partner, warned in a speech to a party convention in Berlin of a...
A bailout package for Cyprus could be on the cusp of unravelling as it faces considerable resistance in the German parliament, according to an official of the junior coalition Free Democrats party. Free Democrat Frank Schaeffler told Reuters that German lawmakers would hesitate in helping the Russian mafia, that as he claimed, were laundering money...
Chancellor Angela Merkel is considering easing Greece’s bailout terms, fanning tensions with members of her coalition who oppose giving the Greek government any more concessions, two German lawmakers said. Merkel’s government is torn between showing some leniency toward Greece as it struggles to meet the terms of its rescues and insisting that Prime Minister Antonis...
A German MP has said it is “a serious mistake” that Malta and Cyprus have the same voting power as Germany on the council of the Europ-ean Central Bank. Frank Schaeffler, a Free Democrat dissenter in Chancellor Angela Merkel’s centre-right coalition, passed the remark as he was making a case for a reform of the...
The G-20’s decision not to let any systemically relevant bank perish may have seemed wise at the time, given the threat of a global financial meltdown. But that decision has given over-indebted major banks the power to blackmail their rescuers – a power that they have used to create a financial system in which they...
As European leaders meet today in Brussels to forge a closer fiscal union as a way to ease the European debt crisis, doubts are growing over the measure pushed by Europe’s largest economy, Germany, along with France, to save the eurozone. Many EU nations say they want Germany to do more to bolster an emergency...
This week’s EU summit is being seen as the last chance for the eurozone. But as European leaders make a final bid to save the single currency, critics say the two-day talking shop is about as useful as rearranging chairs on a sinking ship. The summit, which will take place on Thursday and Friday in...
„The debt crisis is burrowing ever deeper, like a worm, and is now reaching Germany,“ says Free Democrat Party backbencher Frank Schaeffler, a member of Angela Merkel’s governing coalition. Indeed, the country that all are looking to to save the Eurozone from collapse is now in big trouble. Read more…
There is a risk that one eurozone states could leave the single currency bloc, Bank of England policymaker David Miles said in an interview broadcast on ITV late on Wednesday. „I don’t think any of us can feel confident one way or another about whether all the countries that are currently in the euro zone...
Germany’s parliament approved a plan Thursday to expand the power of a European bailout fund for troubled countries that use the euro. The Bundestag, or lower house, passed the bill 523-85 in a vote considered one of the biggest in Chancellor Angela Merkel’s career. Some party members have called for Greece to default and leave...
In his passionate speech in the Bundestag session on the EFSF issue this morning, Free Democrat Frank Schaeffler said that the bailout evil began with the decision of the heads of state/government of the European Union on February 11, 2010 to transfer money to Greece, in a „collective breach of the law.“ Read more…
The writers differ in whether this is only Greece or a host of other countries. Some have UK cabinet experience, some Nobel prizes in economics and hail from the left, the right and the centre of the political spectrum. But all believe the currency will lose members – starting in Athens. German FDP MP Frank...
Germany should constructively support any efforts by Greece to abandon the euro and return to the drachma, a leading MP in Germany’s junior coalition Free Democrats (FDP) said on Saturday. „If Greece wants to leave the euro zone, that is its own autonomous decision,“ Frank Schaeffler, an FDP member in the finance committee of the...
Greek Prime Minister George Papandreou called for the activation of a joint euro-zone International Monetary Fund financial rescue to pull his country out of a major debt crisis. Saying financial market pressure threatened to derail Greece’s economy with high borrowing costs, Mr. Papandreou said he had asked Finance Minister George Papaconstantinou to make a formal...
Selling an island would help Greece pay off its huge national debt, say German MPs. The suggestion by Marco Wanderwitz and Frank Schaeffler added fuel to the feuding between the countries over how Greece will tackle its deficit. ‚The Greek state must sell stakes in companies and also assets such as unpopulated islands,‘ said Mr...
Greece should consider selling some of its uninhabited islands to raise cash for the debt-ridden nation, two German politicians have suggested. Josef Schlarmann, a senior member of the Christian Democratic Union, and Frank Schaeffler, a finance policy expert of the Free Democratic Party, made the comments in an interview with Bild newspaper on Thursday. „Those...