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Old 09-22-2008, 04:46 AM   #1
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Default Germany, britain say NO to US bailout, will not buy defaulted mortgages

Germany, britain say NO to US bailout, will not buy defaulted mortgages
Merkel gives US government complicity at finance crisis

The billion heavy rescue package of the US government comes in the opinion of Angela Merkel much too late. The chancellor threw the USA in connection with the credit crisis Missmanagement before - the government Bush first had heated up with its stubbornness the crisis.

Washington/Berlin - the US government seeks after own statements "aggressively" support for its billion heavy rescue package - yet until now bump the plans out of Washington to the checking of the credit crisis above all into scepticism and blunt criticism.

Chancellor Merkel (with organization in Linz) : "We held" reach us fine on that unaccustomed sharp words the white house at the same time from Germany: Chancellor Merkel threw the US government in connection with the credit crisis heavy failures and blockade before.

"I criticize the self-concept of the financial markets - unfortunately have these regulations voluntary itself too long opposes, supports by the governments in Great Britain and the USA", said Merkel mercury" to the "citizen of Munich. It had pressed already during the German G8-Präsidentschaft in the past year on more transparency in money businesses, Rating agencies and hedge fund. The Anglo-Saxon countries would have supported these suggestions however not sufficiently.

That it means therewith above all the USA, made Merkel at an organization in the Austrian Linz unmistakable clearly: Merkel attacked the government Bush indirectly for that that it had pulled in other industrial nations with its stubbornness into the credit crisis with. Many countries of Europe would have made prematurely the bank sector severe levies - about in the credit award. At the same time one had set always on the cooperation of the USA, said Merkel.

"We made that naturally fine, transferred a beautiful EU guideline into national right, taken many complaints of members of the middle class in purchase - and as the day there was, said the Americans: We not", criticized the chancellor: "So can it in the international area do not go." The consequences would have to carry taxpayer far over America and Great Britain now out, complained Merkel.

The chancellor demanded further intensification of the rules for the financial markets. Europe had to enter "now that we get more transparency on the financial markets, that we get clearer rules, and that such crises such as the present do not repeat" themselves. Also Treasury Minister Peer Steinbrück demanded more severe rules. It did not exclude also an international authority in the ARD, that determines the rules.

The EU commission announced already suggestions for a better regulation of the financial markets. Domestic market commissioner Charlie McCreevy wants to reach loudly "FTD" on Wednesday first decisions. So banks in the EU should be forced to the disclosure whether they retain a part of the risk in the books in the resale of credit. This results loudly "FTD" from a design McCreevys for a session of the responsible EU specialty committee. McCreevy constructs therewith for the case before that it should fail with the Selbstbehalt planned in the equity guideline for banks in Kreditverbriefungen. Investors should buy may bundled credit into securities accordingly only if the salesman retains therefrom a part. In a design, McCreevy had proposed a Selbstbehalt of ten percent.

"Fail and arrogance" of the American

The US government places altogether 700 billion dollar ready in order to receive rotten credit of the institutes and to secure its existence. A law negotiated under high pressure at the weekend in Washington is supposed to be dismissed yet this week. The US country indebtedness climbs through it on until to 11.3 trillion dollar (7.8 trillion Euro).

US treasury Minister Henry Paulson had called on Sunday foreign countries to put on a similar rescue package such as the US government. "That should it do", Paulson said and confirmed that the USA wants to advertise "aggressively" for that. He appeared optimistically that some countries would follow the example of the United States.

Germany however also Great Britain brace itself to be sure against the US model. "I have doubt, whether the procedure there the smartest is", said unions parliamentary group vice Michael master (Christian Democratic Union) the "Handelsblatt". Possibly the US government with the 700-Milliarden-Dollar-Paket puts already a foundation for the next crisis, similar to which massive interest declines of the US bank of issue after the 11th of September 2001 the germ for the current turbulences put would have.

SPD parliamentary group vice Joachim ****** (SPD) showed also wishes out of the USA to a participation of Germany in the rescue package back. "The Americans cannot take now Germany in liability for its failure and its arrogance. In Germany, a comparable action neither is planned yet required", said ******. It did not want judge whether a rescue package would be necessary for the USA, : Let that be first once thing of the American.

"We are not in a credit clamp", confirmed Treasury Minister Peer Steinbrück (SPD) on Sunday in the ARD. These would have shown about the numbers to the credit award of the savings banks in the first six months of the year. Also the president of the national association of the German industry (BDI), Jürgen Thumann, had said had come, the economy in the past yet favorably at loan. Thumann had restricted to be sure, let it be unclear whether this would remain also so.

The worldwide finance crisis would be allowed to come through supposed to be sure more strongly and more long on the German economy than until now. So the government clearly will sink information of the MIRROR according to its growth prognosis for 2009. Instead of 1.2 percent, the experts of Secretary of Commerce Michael Glos reckoned only with a value around 0.5 percent.

Refusal from Great Britain

Also the British government plans according to own statements no up purchase from problem credit to the example of the USA. A speaker of the British treasure chancellor said would be on Sunday, there to be sure permanent contacts with the US treasury, but each country would go with own measures against the credit crisis before.

Also the British premier Gordon Brown criticized in an interview with the BBC: "We pay happens the price for that, what in the USA ist." It becomes "do, what is necessary" in order to master the crisis, promised it in the party convention of its Labour party in London.

"We work not at a solution model in the US style", said the speaker. "But the prime minister and the Treasury Minister clearly made, that it all necessary measures for the stability of the financial markets seize become."

In the meantime Russia clearly expanded its emergency credit program for the marred financial sector of the country. The treasury announced on Sunday to make available 28 banks credit in height of altogether 600 billion roubles (approximately 16 billions of Euro). An emergency package was original planned only for the three Russian large banks Sberbank, VTB (VTBR. MM) and Gazprombank. The credit with a running time of three months are supposed to be forgiven in an auction on Monday.

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Old 09-22-2008, 04:49 AM   #2
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Default Re: Germany, britain say NO to US bailout, will not buy defaulted mortgages

This was translated from German to English
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Old 09-22-2008, 04:56 AM   #3
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Default Re: Germany, britain say NO to US bailout, will not buy defaulted mortgages

Thank you, sincerely, for this find, however, even translated, my brain hurt reading it, so I must need sleep, perhaps tomorrow I awaken and find it was all just a nightmare and I won't need to read this over coffee ... wait, I am certain I am now dreaming ....

~ namaste ~
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Old 09-22-2008, 05:04 AM   #4
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Default Re: Germany, britain say NO to US bailout, will not buy defaulted mortgages

Originally Posted by QUESTINY View Post
This was translated from German to English
the message seems obvious, you're on your own
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