Denying Reality: Germany's Ongoing Refusal to Forgive Greek Debt

Denying Reality: Germany's Ongoing Refusal to Forgive Greek Debt

SPIEGEL ONLINE - November 26, 2012

The International Monetary Fund believes that the only way to reduce Greek debt to a sustainable level is by way of a debt haircut involving the country's government creditors. But with an election approaching, Germany has refused to consider the proposal. Reality is on the IMF's side. By SPIEGEL Staff more... Comment ]

Default vs. Delay: Dangerous Euro Zone-IMF Split Persists over Greek Debt

Default vs. Delay: Dangerous Euro Zone-IMF Split Persists over Greek Debt

SPIEGEL ONLINE - November 21, 2012

Euro-zone finance ministers meeting in Brussels this week have been unable to reach an agreement with the International Monetary Fund on how to ensure that Greece's debt load comes down to manageable levels. Germany and other European countries continue to reject a new debt haircut. The standoff could become dangerous. more... Comment ]

Accounting Tricks: Self-Deception in Berlin Impedes Greece Strategy

Accounting Tricks: Self-Deception in Berlin Impedes Greece Strategy

SPIEGEL ONLINE - November 19, 2012

With elections approaching in 2013, Berlin is blocking a workable solution for Greece. German leaders are eager to avoid angering voters by giving more money to Athens, but their European partners are losing their patience. By Sven Böll, Christoph Schult and Anne Seith more... Comment ]

The World From Berlin: 'Stabilizing Greece is the Least Costly Option'

The World From Berlin: 'Stabilizing Greece is the Least Costly Option'

SPIEGEL ONLINE - November 13, 2012

Euro-zone finance ministers agreed on Monday to give Greece two more years to meet its budget goals, but this was overshadowed by a rift between the ministers and the International Monetary Fund over whether Greece should get a further debt cut. German commentators say the crisis could boil over again. more...

Another Default? Troika Calls for New Debt Relief for Greece

Another Default? Troika Calls for New Debt Relief for Greece

SPIEGEL ONLINE - October 29, 2012

Greece's international creditors are calling for a new debt haircut for the country so as to bring down its massive debt load. This time, however, taxpayer money from Germany and other donor countries would be involved. Resistance, not surprisingly, is substantial. more... Comment ]

Two More Years for Athens? Report Says Greece Will Get More Time

Two More Years for Athens? Report Says Greece Will Get More Time

SPIEGEL ONLINE - October 24, 2012

A German newspaper on Wednesday is reporting that Greece's creditors will grant the heavily indebted country two more years to meet its budget targets. Despite high-level denials, momentum appears to be growing for such a delay, which would necessitate further aid to Athens. more... Comment ]

Global Financial Stability at Risk? IMF Demands Swift Banking Union in Europe

Global Financial Stability at Risk? IMF Demands Swift Banking Union in Europe

SPIEGEL ONLINE - October 10, 2012

The International Monetary Fund is losing patience with European politicians. Officials at the Washington-based institution are calling on the EU to present a clear plan for its banking union. Europe's debt and euro crisis, the IMF warns, remains a persistent threat to the global economy. more...

Euro Exit Looming? Berlin, IMF To Refuse Fresh Aid for Greece

Euro Exit Looming? Berlin, IMF To Refuse Fresh Aid for Greece

SPIEGEL ONLINE - July 23, 2012

Greece has fallen behind with its budget cuts and is asking lenders for more time to meet the conditions of the 130 billion euro aid package. But that would require fresh help of up to 50 billion euros, SPIEGEL has learned. Neither Berlin nor the IMF are prepared to make that money available. more...

'Less Than Three Months': IMF Head Warns Time Running Out for Euro Zone

'Less Than Three Months': IMF Head Warns Time Running Out for Euro Zone

SPIEGEL ONLINE - June 12, 2012

As the focus of the euro crisis shifts to Italy, IMF head Christine Lagarde has warned that European leaders have less than three months to save the euro. Meanwhile top economist Nouriel Roubini has called on Berlin to drop its obsession with austerity, proposing that the German government give every household a 1,000 euro voucher to spend on a vacation in Southern Europe. more... Comment ]

'Pay Your Taxes': Greeks Furious Over Harsh Words from IMF and Germany

'Pay Your Taxes': Greeks Furious Over Harsh Words from IMF and Germany

SPIEGEL ONLINE - May 28, 2012

As Greeks prepare to head to the polls once again in three weeks, international criticism of the country is intensifying. IMF head Christine Lagarde on Friday said citizens must begin paying their taxes, while a member of the German cabinet referred to Greece as a "bottomless pit." more...