Live Blogging The Second Greek Bailout At The German Bundestag
That the German vote to pass the second Greek bailout package would be problematic is an understatement. Even as German parliamentarians are expected to pass the latest (but certainly not last as the G-20 meeting over the weekend demonstrated) hurdle to fund the Greek rescue, new revelations out of Greece have come to light exposing the true degree of capital flight out of the country, spearheaded by none other than the country's own corrupt politicians. Kathimerini reports: "As a political outcry grew on Friday over the revelation that an MP had transferred 1 million euros out of the country in May when authorities were struggling to appease Greek citizens’ fears of the repercussions of a possible default on their savings, Finance Minister Evangelos Venizelos told Parliament that a significant number of lawmakers had moved sums in excess of 100,000 euros out of the country. Earlier, addressing a cabinet meeting, Venizelos had told fellow ministers that there are several public figures among the Greeks who transferred a total of 16 billion euros abroad over the last two years. According to research conducted by the Finance Ministry’s information systems department, 9 percent of this money ended up in Swiss bank accounts." As such, it is obvious why German popular tabloid Bild has called for German lawmakers to reject the Greek bailout: at this point the farce is arguably too much for everyone, and the situation is playing out just as predicted here back in July. Merkel is due to address the Bundestag at 3 pm local time, or in just over an hour. Those curious about the blow by blow, can follow the developments out of Germany at the following live blog by Bild.
From Bild - click here for real time blog.
13.28 clock - Brüderle expects dissenters: FDP parliamentary leader Rainer Bruederle expected only up to five dissenters within their own ranks when voting in parliament on the second package Greece. It will move in the range of previous polls, Bruederle told a special session of the group.
13.23 clock - Crisis pushes bankers mind again: Given the unresolved euro debt crisis and the deteriorating economic outlook, the mood deteriorated with the banks. In January, 90 percent of the rated banks for their financial situation positively, the weakest level since 2009, as appears from a survey published on Monday the economic consulting firm Ernst & Young. In June 2011, yet 98 percent of the banks were satisfied with the business.
12.54 clock - Greek banks remain private: Greece's ailing banks come despite billions in capital injections by the government around a full nationalization. As is evident from a bill, the state should indeed participate in much larger range of new shares and convertible bonds at the institutes. Join the conversation he wants in the daily operations not. The shares give the government a say only in strategic decisions - such as mergers or the sale of assets. The Parliament will vote on Tuesday on the draft.
11.38 clock - Merkel remains on course: When asked whether the Chancellor concurs with the assessment of its interior minister, said government spokesman Steffen Seibert at the National Press: You do not share this view. She was fully behind the proposal is voted on today in the Bundestag.
11.29 clock - Fox pushes for smooth vote: Union Group Vice Michael Fox is pushing for a smooth adoption of the second package of Greece in the Bundestag. At this stage it was important "that we adopt this Covenant, so that no damage can happen quickly in other countries in Europe and also in banks in Europe," said the conservative politician. He believes that "together we will take a sensible decision," he said, referring to statements made by the CSU Interior Minister Hans-Peter Friedrich.
11.28 clock - EU Parliament chief speaks in Athens: The President of the European Parliament, Martin Schulz wants to speak on Tuesday before the Greek Parliament. It will also indicate this on the solidarity benefits of Germany and other EU countries and the need for structural reforms, said the SPD politician. However, should now give more consideration to how the country will be back on its feet economically. For example, could not so far fetched from Athens EU structural funds will be used to stimulate growth.
10.24 clock - refused consent Bosbach: Wolfgang Bosbach (CDU) is not the second rescue package for Greece as opposed to first agree. The expectations of the donors had not been fulfilled. "I'm afraid the situation will not in future be fundamentally different than in the past. But the risk of failure in Germany continues to rise significantly, "the chairman of the Interior Committee, said in an interview with Phoenix TV station. However, Bosbach expects to own the majority coalition in parliament during the vote today.
Clock 9.18 - Dax starts weaker: The German stocks are negative due mainly to losses in requirements started the new week. The Dax lost 0.67 percent shortly after the start of trading at 6818 points. The MDAX fell by 0.57 per cent to 10 411 points and by 0.39 percent on the TecDax 770 points.
Clock 8.59 - Schäuble and Rösler doubt Greeks rescue: According to the "Süddeutsche Zeitung" also believe the Federal Finance Minister Wolfgang Schäuble (CDU) and the Federal Minister of Economics Philip Rösler (FDP), hardly a success of the previous crisis management strategy.
Clock 8.45 - Loud criticism of the Greens: The President of the Greens, Juergen Trittin, has criticized the discussion of a possible withdrawal of Greece from the euro zone sharply. The recent discussion of the federal interior minister Hans-Peter Friedrich (CSU) for a € outlet he called on Monday in Germany as a radio "absurd process." "I wonder how long the Chancellor watch the goings-on in their coalition wants more," he further said.
Clock 7.51 - € makes losses, the euro has seen after the G20 summit in Mexico, a slight decline. In the morning, the common currency with 1.3437 U.S. dollars traded, slightly lower than on Friday evening. The European Central Bank (ECB) was the reference rate at 1.3412 on Friday afternoon (Thursday: 1.3300) dollars.
Clock 7.49 - Altmaier confident: The parliamentary secretary of the CDU / CSU parliamentary group, Peter Altmaier, expects a majority in the parliamentary vote on the second aid package to Greece. "I expect that we now have a comfortable majority with the Greens and with SPD, and that we will also have its own majority of CDU, CSU and FDP," Altmaier said in the ARD "Morning Magazine".
Clock 7.47 - Tokyo closes mixed: The Tokyo Stock Exchange has closed mixed on Monday. The Nikkei index of 225 leading values ??were intermediate premiums as a result of profit taking off again and went with a fall of 13.45 points or 0.14 percent at 9633.93 points as of the trade. The broader Topix rose slightly, however, given the continuing weakening of the yen by 0.96 points or 0.12 percent to 835.25 points.
Clock 7.02 - opposition to the majority: a majority FOR the current aid is considered safe, as well as the SPD and the Greens have already indicated a yes.
Clock 6.58 - CSU, is skeptical from the CSU are further doubts about the bailout of heavily indebted Greece. Secretary Alexander Dobrindt said in Bild: "Greece has always been a bankruptcy candidate." A change in strategy, including an outlet in the country from the euro area should not be a taboo.
Clock 4.02 - FDP holds for late withdrawal proposal: The FDP financial expert Hermann Otto Solms, the advance of CSU Interior Minister Hans Peter Friedrich for a possible withdrawal of Greece from the euro zone has been criticized as ineffective. "This proposal comes too late Frederick," Solms said the "Saarbrücken newspaper." "The first time Greece package that would have been useful," said Solms.
Clock 1.33 - Westerwelle confused about exit speculation: Federal Foreign Minister Guido Westerwelle (FDP) has turned against speculation about a withdrawal of Greece from the euro zone. "I understand the political speculation about Greece outside the euro zone is not," said Guido Westerwelle to the newspaper. "What shall be negotiated and agreed upon, should, on both sides." The aid package was "just a chance to restore lost confidence, if not immediately talked down again," said Westerwelle.
Clock 0.02 - Gröhe expects majority: CDU Secretary General Hermann Gröhe expects a large majority in the coalition parties in the Bundestag vote on the second Greek aid package. "I am very confident that the coalition parties will make a very great unity behind the rescue package for Greece," said Gröhe the "Rheinische Post". At the same time warned the CDU politicians, the government in Greece, the rapid implementation of the donors agreed austerity measures.