Europe's leaders must forge a deal this week to help Greece get "back on its
feet", the managing director of the International Monetary Find has said, as
disagreement continued over how to tackle the country's mounting debt pile.
...Speaking of angry Germans, Jens Weidmann, the head of Germany's central bank,
has warned that putting the ECB in charge of eurozone bank supervision risks
compromising its primary goal of price stability. ....Writing in German daily
Handelsblatt, Mr Weidmann warned that forming a "hasty" bank union would be
counterproductive, and that leaders should opt for "thoroughness over speed".
Mr Weidmann also said that a union would require a mechanism to
wind down and restructure banks that should be funded by the lenders
themselves. Are the IMF and the EU institutionally deaf, the
'fat lady' has sung her self hoarse, rolled over and died of old age. Maybe they
have not taken the trouble to keep up with events. The ordinary Greek people on the street know now what ever happens, they will collectively be accountable for many, many decades for the debt put on them by all these bailouts. They should have got out three or four years ago, but have been deliberately sucked into this vacuum and been enslaved by the bankers, and dare i say, their own country men and women who have repeatedly refused to pay their taxes and now have deviously moved their vast fortunes out of the country....When I read " Without the option of currency devaluation", I had to laugh.
France could (and perhaps should) consider leaving the corrupt club and then she COULD devalue her currency which would make her more competitive.... And...what about slashing the IMF ' s salaries by 75% and give it to the Greeks. The IMF'S staff will still have a more than decent living and , for once, they will have put their monies where their mouths are . As a special gesture, the Greeks could have Lagarde too, as she is useless, we would, then, have killed two birds with one stone.
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Greece's Samaras pushing on with reforms
National parliaments will probably have to give their agreement to any deal agreed by the IMF and the Eurogroup tomorrow over Greece.
That means that Athens probably won't get a final decision on its aid package until the end of November.
In the meantime, Greek newspaper Kathimerini reports, the Greek government is cracking on with implementing its side of the bailout programme:
[Antonis] Samaras wants his ministers to proceed with the “prior actions” demanded by the troika, including an overhaul of the tax system, the creation of a committee to oversee the budget execution and the acceleration of privatizations.
The Athens rumour mill continues to predict a government reshuffle soon:
Samaras is said to be keen to draw in new ministers from his junior partners, PASOK and Democratic Left, in order to bolster a sense of coalition unity and ward off the specter of snap elections next spring.
The charges of police brutality would be investigated in the context of a sworn administrative inquiry, he added. The process will also investigate an anonymous charge received via email and relevant reports in the British Guardian newspaper and on a Greek website.
On Monday, Dendias reiterated his intention to sue the Guardian over the reports, saying that the issue was being discused by the State Legal Council.
In 2008, the UN Human Rights Committee described a sworn administrative inquiry as an "internal and confidential police procedure whose safeguards aim to protect the rights of the officer under investigation, rather than those of the complainant".
"Thus, the inquiry guarantees the right of the 'accused' officer to nominate witnesses, to request the postponement of proceedings or the exclusion of the investigating officer, as well as the right of access to the evidence and the right of appeal," the report said.
"By contrast, there are no provisions setting out the rights of the complainant, who does not have the right of access to the hearings and cannot appeal against the findings.
"In common with the oral administrative inquiry, the complainant only has the right to be informed of the outcome, which consists of a mere paragraph without any reference as to the type of disciplinary penalties imposed, if any. The complainant is usually not entitled to ask for copies of documents gathered in the course of the inquiry," the UN committee said.
Bundesbank sounds the alarm
Germany's central bank has warned that economic growth in Europe's largest economy is weakening, due to the eurozone crisis and problems across the world economy.
In a new monthly report, the Bundesbank said that German firms are more worried about Germany's future prospects. It points to the slowdown in China, Japan's now-shrinking economy, and fears over the US fiscal cliff.
The full report is online here (pdf, in German), and Reuters provides a translation of the key points:
The economy currently presents a mixed picture, which is likely to cool further towards year-end...
By now it has become unmistakable that the disturbing external factors are affecting the willingness to invest and job planning so strongly that the whole economy could be affected.
Last week's economic data showed that German GDP rose by 0.2% in the third quarter of 2012 – the question is whether it shrinks in the last three months...
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