Word: luxembourger
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...Minister Mirek Topolanek retorted that the E.U. had given Sarkozy, who will be attending not just as President of France but also as the current holder of the E.U.'s rotating presidency, a "vague mandate" for Washington that reflected "the divergent opinions on the way things should be handled." Luxembourg Prime Minister Jean-Claude Juncker, presumably piqued at the idea of his nation's tradition of bank secrecy being threatened by international finance regulation, pointedly noted that "those demanding far-reaching coordination of economic policies apply such rules themselves" - a jab at Sarkozy's own French budgets violating E.U. rules...
...getting impatient with market still fearful despite the $2 trillion plan announced by the 15 eurozone countries to buck up banks and credit systems. "We should stop looking at stock market activity the way a mouse watches a cat, and start thinking in the medium-term," the Luxembourg Prime Minister Jean-Paul Juncker told German radio Deutschlandfunk. Belying his own maxim, however, Juncker suggested additional efforts European governments may be planning to make should "impress the financial markets...
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...There was a modicum of cooperation on Tuesday, when E.U. finance ministers, meeting in Luxembourg, agreed to increase the minimum value of deposits guaranteed by member states to $68,000, from a previous floor of $20,000. But beyond that, there appeared little 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...
...Elsewhere, French bank BNP-Paribas said it was taking control of the Belgian and Luxembourg assets of finance and insurance group Fortis, less than a week after it was partially nationalized as part of a $16.4 billion rescue plan. The Dutch government had moved on Friday to nationalize fully the group's Dutch assets, including the bank ABN-Amro. As a consequence of its estimated $21 billion move for Fortis, BNP will be the largest commercial bank in Belgium - and the Belgian government becomes BNP's biggest shareholder...