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Asian powers spurn German debt on EMU chaos
Asian investors and central banks have begun to sell German bonds and pull out of the eurozone altogether for the first time since the debt crisis began, deeming EU leaders incapable of agreeing on any coherent policy.
By Ambrose Evans-Pritchard, International business editor
10:07PM GMT 17 Nov 2011
Andrew Roberts, rates chief at Royal Bank of Scotland, said Asia's exodus marks a dangerous inflexion point in the unfolding drama. "Japanese and Asian investors are for the first time looking at the euro project and saying `I don't like what I see at all' and fleeing the whole region.
"The question on everybody's mind in the debt markets is whether it is time to get out Germany. The European Central Bank has a €2 trillion balance sheet and if the eurozone slides into the abyss, Germany is going to be left holding the baby. We are very close to the point where markets take a close look at this, though we are there yet," he said.
Jean-Claude Juncker, Eurogroup chief, fueled the fire by warning that Germany is no longer a sound credit with debt of 82pc of GDP. "I think the level of German debt is worrying. Germany has higher debts than Spain," he said.
"It is comforting to pretend that southerners are lazy and Germans hardworking, but that is not the case," he said, slamming France and Germany for their "disastrous" handling of the crisis.
For article GO HERE
Angela Merkel says UK must work with the eurozone or risk being 'left behind'
Angela Merkel has charged Britain to “work with us on the euro” or risk being “left behind” ahead of a testy summit with David Cameron in Berlin on Friday.
By Louise Armitstead, Chief business correspondent
10:07PM GMT 17 Nov 2011
The German Chancellor will demand British support for treaty changes to allow greater intervention in national economies – powers she says are vital to stem the crisis engulfing Europe’s core.
Amid soaring bond yields and plunging markets, Ms Merkel’s political deputy said he was “baffled” by British reticence because London could be hardest hit. Michael Meister told reporters: “I’m baffled that in Great Britain there doesn’t seem to be a clear view of the consequences a collapse of the euro would have for the City of London.”
For article GO HERE
Germany's secret plans to derail a British referendum on the EU
Germany has drawn up secret plans to prevent a British referendum on the overhaul of the European Union amid concerns it could derail the eurozone rescue package, leaked documents obtained by The Daily Telegraph disclose.
10:02PM GMT 17 Nov 2011
Angela Merkel, the German chancellor, is today expected to tell David Cameron that Britain does not need a referendum on EU treaty changes, despite demands from senior Conservatives for more powers to be repatriated to Britain.
The leaked memo, written by the German foreign office, discloses radical plans for an intrusive new European body that will be able to take over the economies of beleaguered eurozone countries.
It discloses that the EU’s largest economy is also preparing for other European countries, which are too large to be bailed out, to default on their debts — effectively going bankrupt. It will prompt fears that German plans to deal with the eurozone crisis involve an erosion of national sovereignty that could pave the way for a European “super state” with its own tax and spending plans set in Brussels.
Britain would be relegated to a new outer group of EU members who are not in the single currency. Mr Cameron will today travel to Brussels and Berlin for tense negotiations with Mrs Merkel amid growing disagreement between the leaders over how to deal with the eurozone.
The Prime Minister is increasingly exasperated that Germany refuses to provide more financial help for Italy and other struggling countries amid concerns that the crisis is having a “chilling effect” on the British economy. Mrs Merkel yesterday said she expected Mr Cameron to “examine a stronger involvement with other countries” once the eurozone crisis had been resolved.
For article
Occupy London: St Paul's protesters defy eviction notice
Protesters camped outside St Paul's Cathedral defy a 6pm deadline to move on and promise to return "again and again" if forced to leave the site.
the Telegraph,
10:50PM GMT 17 Nov 2011
Protesters at the Occupy London camp defied an eviction order for them to pack up their tents and leave the site issued by the City of London Corporation. City officials will now pursue the eviction at London's High Court.
Lawyers for the protesters spoke to the camp outlining the next legal steps.
"We anticipate that the City, and we might say, not the Church, the City will be going to court tomorrow to start the process. Then there will be a nuts and bolts hearing, for want of a better expression, we anticipate on Wednesday, to effectively set timetables. Thereafter? I think Wednesday we will have a clearer idea of where it is going to go," said John Cooper, the lawyer representing the camp.
It is thought the legal battle will take weeks to go through the courts, but those camped at St Paul's are expecting a lengthy fight regardless.
"If we are pulled off the street, so be it, we will react non-violently and we will come back again and keep coming back again... if you react with dignity and peace, people can't help but be inspired and want to sympathise with you," said Mark Weaver, who has been at the camp since October 15.
For article GO HERE
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