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German report
by Euro Reporter
2012-01-16 07:21:58 |
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German five-, 30-year yields drop to records on Europe crisis
German bonds gained this week, with five-year and 30-year yields falling to records, as government officials said Standard & Poor’s may lower the credit ratings of some euro-area nations, spurring demand for the safest assets. Italian 10-year bonds rose for the first week in a month as the nation’s borrowing costs fell at debt sales. S&P cut the ratings of France and Austria in a string of downgrades after the close of trading yesterday that left Germany with the euro area’s only stable AAA grade. France’s 10-year debt rose this week even after a European government official said the nation was set to lose its top AAA rating in the S&P review. Finnish and Dutch 10-year yields also fell to records.
“The downgrade rumors led to a clearer leg down in bund yields and allowed new record lows,” said John Davies, a fixed- income strategist at WestLB AG in London. “There was general relief earlier in the week after the Italian auctions went OK because the market was a bit worried before them.” Germany’s 30-year yield fell nine basis points, or 0.09 percentage points, this week to 2.35 percent, after dropping to a euro-era record 2.332 percent yesterday. The 3.25 percent bond maturing in July 2042 rose 2.24 or 22.40 Euros per 1,000-euro ($1,267) face amount, to 119.375.
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German police find evidence against neo-Nazis
German police say raids in four states netted a large volume of evidence linking 41 neo-Nazi suspects to an illegal torchlight parade held in eastern Germany. The suspects in Saxony, Saxony-Anhalt, Thuringia and Brandenburg are believed to have participated in a September march in the town of Stolpen, east of Dresden, wearing black clothing with black hoods, white masks and carrying torches. Police say such marches are used to spread far-right ideology.
Saxony police said Friday they confiscated torches, white masks, far-right propaganda, weapons and other evidence in raids on 44 homes and garages Thursday. They say the investigation of the suspects for breaking public assembly laws is ongoing. There have been no arrests so far.
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Priest admits 280 counts of child abuse
A Roman Catholic priest in Germany has admitted to 280 counts of sexually abusing three boys over a several-year period. The 46-year-old priest, who has been suspended, went on trial Thursday at the state court in Braunschweig. The dapd news agency reported that he showed no remorse.
The man who was not identified was arrested last July after one victim told his mother what had happened. He was charged with abusing three boys aged between 9 and 15. Hildesheim diocese spokesman Michael Lukas says the defendant's actions were "a catastrophe for the victims and for the Catholic Church." The trial continues through Feb. 2.
The priest also faces church disciplinary proceedings. Germany, Pope Benedict XVI's homeland, was shaken in 2010 by revelations of abuse by clergy going back decades.
Euro Euro-zone Ovi+Europe euro-reporter Germany Europe Ovi EU |
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