Word: merkel
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German Chancellor Angela Merkel and her Finance Minister, Peer Steinbrück, have spent months saying they will never let irresponsible German banks off the hook by taking their toxic assets and putting them into some sort of government-backed bad bank...
...plan to do just that with the toxic debts of U.S. banks. The move has won plaudits on Wall Street and even a knowing nod from Main Street U.S.A., which understands that the plan is a necessary evil. In Germany, it has also fueled a fierce debate about whether Merkel is wrong and how Berlin might get toxic assets off German banks' books without making taxpayers foot the bill. (See 25 people to blame for the financial crisis...
...cost-cutting plans have terrified Opel's 26,000 workers in Germany. Over the past month, rumors of mass layoffs and plant closures have been swirling in the German media. Union leaders are clamoring for a quick decision on the bailout. But Chancellor Angela Merkel's government wants guarantees that any cash that it doles out will not flow back to GM's embattled operations in the U.S., or go down the drain if GM goes bust. (Read a TIME story on Germany's auto industry...
...need all of that slickness and more. Germany is stuck in its worst recession since WWII and exports are plunging. The young politician was elected to the German parliament just seven years ago representing the conservative Christian Social Union (CSU) party, which is aligned with Chancellor Merkel's party. A fluent English speaker, he soon made a name for himself in parliament as a foreign policy and defense expert. But it wasn't until last fall, when the CSU went into meltdown after suffering big losses in the Bavarian state elections that Zu Guttenberg was thrown into the spotlight. Last...
...unfair to blame Germany for holding everyone back," says Elmar Brok, a German member of the European Parliament with Merkel's conservative Christian Democratic Union. "We are already doing a lot at home, both federally and at state level. And we are doing it differently to the U.S., because we have made a lot of bank guarantees. But we also need to think about repaying our debts. Who will do it? The next generation...