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German report German report
by Euro Reporter
2011-07-25 11:46:15
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Interior minister sees no sign of far-right terrorism in Germany

Germany’s top security official is saying after the deadly attacks in Norway that there are no signs of any far-right terrorist activity in his country. A Norwegian with reported Christian fundamentalist, anti-Muslim views is suspected in both of Friday’s attacks.
 
German Interior Minister Hans-Peter Friedrich noted that authorities closely observe his country’s far-right scene. He told Sunday’s Bild am Sonntag newspaper that “there are no indications at present of right-wing terrorist activities.”

But Friedrich was quoted as saying that the Norwegian attacks “unfortunately show anew what dangers fanaticized lone perpetrators can pose — independently of their motives.” Germany’s far right is divided and politically marginal.

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Angela Merkel faces revolt in Germany over rescue deal


German Chancellor Angela Merkel is facing a storm of protest at home after yielding to EU calls for radical action to shore up Spain and Italy, raising doubts over her ability to implement the package. Frank Schäffler, finance chair for the Free Democrats (FDP) in the ruling coalition, said the summit deal threatened "the castration of Germany's parliament" by shifting budget power to Europe.

Jens Weidmann, the Bundesbank's chief, said the accord exposes Germany and other creditor states to "sizeable risks" and greatly alters the EU's constitutional landscape. "The euro area has taken a big step toward a collectivisation of risks. This weakens the foundations of a monetary union where each is responsible for its own budget. In the future, it is going to be even harder to uphold incentives for solid fiscal policies," he said. The choice of words undercuts claims by Ms Merkel, who has specifically denied that there is a "collectivisation of risks". The outburst may complicate a forthcoming ruling by Germany's Constitutional Court on the legality of the bail-outs, though most legal experts expect the judges to tread carefully.

"Weidmann is like Thomas à Beckett," said David Marsh, author of a book on the Bundesbank. "He is no longer a Merkel man. He has gone over to the institution and is now sworn to defend the sanctity of German monetary conservatism." Ms Merkel is relying on support from opposition Social Democrats to push the deal though the Bundestag, but this is politically dangerous and may threaten her grip on power if Germany has to put yet more money behind the summit pledges, as appears likely. Mr Schäffler said there is already talk of a "third rescue package" for Greece. Jacques Cailloux from RBS said EU leaders are at last "getting the message" but the deal is not enough to halt the crisis at any level. Greece's debt burden will fall by just 10 to 20 percentage points of GDP, still leaving it "unsustainably high" near 140pc next year. While the bail-out fund (EFSF) will be able to intervene pre-emptively to cap Italian and Spanish bond yields, it lacks the €2 trillion (£1.8 trillion) funding to be credible. "Nice tools but no firing power. A rolling crisis is still likely," Mr Cailloux said.

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Germany loans €100m to Libya rebels


Germany said on Sunday that it is loaning Libya's rebel leadership €100m to help with the country's rebuilding and humanitarian needs. The Foreign Ministry said it is granting urgently needed funding as a loan because frozen assets related to Libyan leader Muammar Gaddafi cannot yet be released.

The situation in Libya is difficult because of a lack of funding "to build up the necessary structures and overcome supply shortages - from medical care to food," Foreign Minister Guido Westerwelle said. "Particularly in eastern Libya, people are suffering more and more from this."

The money will be paid back from frozen Gaddafi assets once the UN Security Council has released them to Libya's new government, Westerwelle added. Germany has said it froze "several billion" Euros. Germany is not participating in NATO airstrikes on Libyan government military targets and abstained in the UN vote authorizing a no-fly zone.


        
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