Word: german
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Dates: during 2000-2009
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...shock is what is needed to restructure the banking rules in Europe, one may be underway. Economists are warning that the Continent is facing its biggest crisis since the Depression - when Europeans also first mistakenly thought the problem would remain confined to the U.S. One leading German politician, Interior Minister Wolfgang Schauble, even raised the specter of the kind of longer term economic dislocation that led to the rise of Adolf Hitler. "Four months ago," says economist Schmidt, "I might have said that it may not get worse. But we have not seen anything like this before. I cannot...
...photos of East German nostalgia in Berlin, click here...
...movement toward international coordination. On Monday Germany reaffirmed its determination not to participate in France's plan for a Europe-wide bank bailout plan, modeled on the U.S.'s $700 billion effort. Without Germany's participation, no such plan can proceed. "The Chancellor and I reject a European shield," German Social Democrat Finance Minister Peer Steinbruck told German radio on Monday in reference to the plan, "because we as Germans do not want to pay into a big pot where we do not have control and where we do not know where German money might be used...
...German officials say the guarantee was necessary to shore up confidence, not least because Germans hold a higher proportion of their savings in banks than citizens in many industrialized nations - and they still harbor a deep collective memory of the perils of economic uncertainty from the interwar years of the Weimar Republic. "We had to do it," says Reinhard Schmidt, a professor of international banking and finance at Goethe University in Frankfurt. "I have friends. I have neighbors. I have family. You wouldn't believe how many people have been calling me to ask about their deposits. The fears...
...Germany's refusal to sign on to a Continent-wide bailout plan was no less necessary, says Schmidt. Such a plan would have triggered a backlash in Germany against the E.U., egged on by the ready arguments of the anti-Europe German press that Germans were paying to bail out other Europeans, he says. "It would have destroyed the idea of European integration," he says...