Potential Defaults. The chairman of Deutsche Schiffsbank, a Commerzbank subsidiary based in Hamburg that is focused on the shipping industry, had been summoned to Frankfurt to present the bank's financial results. But the presentation was cancelled; Commerzbank had no need for the numbers, having previously decided it no longer wanted anything to do with German shipping.
The executive board of Deutsche Schiffsbank was not notified in advance of the parent company's reversal. The supervisory board was also taken by surprise. Only three months earlier, Commerzbank CEO Martin Blessing had declared the financing of ships and commercial real estate to be part of the bank's core business. And although it was expected to shrink, Germany's second-largest bank intended to create a separate segment for the business. But the executives had underestimated the risks that the European sovereign debt crisis presents to Commerzbank, and how much capital the ship and commercial real estate business ties up. Now Blessing has slammed on the brakes. Deutsche Schiffsbank Chairman Otto characterized the parent company's about-face as the "decision of a cautious businessman and not of a skydiver."
Commerzbank has recently made a huge effort to satisfy and even exceed the capital requirements set by the European Banking Authority (EBA). But if the euro crisis worsens, new gaps could soon open up, say banking industry insiders.
In Spain alone, Commerzbank is exposed to the tune of €14.2 billion ($17.9 billion) via investments in banks, companies and the government. The lower the rating agencies assess the creditworthiness of these borrowers, the more capital the bank will have to place in reserve for these investments in the future -- to say nothing of potential defaults.
The Finnish finance minister, Jutta Urpilainen, said in a newspaper interview this morning that she'd consider crashing her AAA-rated country out of the eurozone rather than face paying the debts of another country: Finland is committed to being a member of the eurozone, and we think that the euro is useful for Finland. Finland will not hang itself to the euro at any cost and we are prepared for all scenarios. Collective responsibility for other countries' debt, economics and risks; this is not what we should be prepared for. We are constructive and want to solve the crisis, but not on any terms.
The Finnish finance minister, Jutta Urpilainen, said in a newspaper interview this morning that she'd consider crashing her AAA-rated country out of the eurozone rather than face paying the debts of another country: Finland is committed to being a member of the eurozone, and we think that the euro is useful for Finland. Finland will not hang itself to the euro at any cost and we are prepared for all scenarios. Collective responsibility for other countries' debt, economics and risks; this is not what we should be prepared for. We are constructive and want to solve the crisis, but not on any terms.
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O tara reprezentata in parlamentul european de progenitura gingava si semiretardata a "presedintelui", de un impostor numit gigi becali sau de un descreierat ca vadim, merita un presedinte ca secatura basescu si un premier ca ponta - adica o SECATURA si un PITZIFLENGHER....STITI CUMVA CITI BANI SUNT SIFONATI PRIN CONTURILE "EUROPARLAMENTARE" ALE ODRASLEI PREZIDENTIALE (eba) ...sunt bani din spaga sau din "investitii sau/si vinzari anterioare" ale progeniturilor semiretardate facute la betie ???????????? sunt banii in moneda euro ????......"Traian Basescu a fost recrutat in 1977 de ofiterul de Securitate Dumitru Nicusor". "Dupa Revolutie, acesta din urma a ajuns general de brigada SRI si sef al Centrului Operativ Zonal Dobrogea. Traian Basescu a fost preluat in 1978 de locotenentul major de Securitate Mihai Avramidis de la Serviciul Contrainformatii Economice al Portului Constanta. (...) Data de 9.09.1978 se refera la momentul in care Traian Basescu a fost preluat de Mihai Avramidis. In 1978, printr-un ordin secret al conducerii Securitatii, se decide ca membrii de partid sa nu mai dea informatii scrise Securitatii. Cu toate acestea, Mihai Avramidis a continuat sa ia note scrise de la Traian Basescu. (...) Alti ofiteri de Securitate care au lucrat cu informatorul Traian Basescu sunt: Nelu Ivanciu, Ioan Rosioru si Constantin Deacu. Dupa 1983, Traian Basescu a fost preluat de ofiterul de Securitate Silvian Ionescu (n.r. - in prezent membru PDL si seful Garzii Nationale de Mediu). Acesta din urma a fost, din 1985 pana in decembrie 1989, seful Serviciului 1 din Directia 1 din Centrul de Informatii Externe, avand in subordine activitatile Securitatii romane in Belgia. Lui Silvian Ionescu ii datoreaza Traian Basescu postul de reprezentant al Navrom la Anvers in Belgia".
A country represented in the European Parliament and semiretarded offspring of the "President", an imposter named Gigi Becali or a reckless man like vadim, deserves a president and a prime minister as trifles basescu that clutch - that is a cad and a PITZIFLENGHER ... . Do you know How much money are wrinkled tHE ACCOUNTS "MEP" tHE PRESIDENTIAL Branch (EBA) ... money from bribes or "investment and / or previous sales" of offspring semiretardate made from drinking????? ??? money in the euro?? ...... "Traian Basescu was recruited in 1977 by Dumitru Nicusor Security Officer". "After the Revolution, the latter became brigadier general and head of the Center Intelligence Operative Dobrogea Area. Traian Basescu was taken in 1978 by Lieutenant Michael Avramidis Security from Constanta Port Economic Counterintelligence Service. (...) Date of 09.09.1978 refers to when Basescu was taken by Michael Avramidis. in 1978, through a secret of Security management, it is decided that the party members not to give information by Security. Nevertheless, Mihai Avramidis continued to take written notes from Traian Basescu. (...) Other Security officers who worked with the informant Traian Basescu are: Nelu Ivanciu, John Constantine Rosioru and Deacu. After 1983, Traian Basescu was taken over by officer security Silvian Ionescu (No - now head of the National Guard Member PDL and Environment). latter was, from 1985 to 1989, a chief of the Division 1 of the Foreign Intelligence Centre, being in charge of activities in the Romanian Securitate Belgium. Silvian Ionescu owes his position Basescu Navrom representative of the Antwerp in Belgium ".
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