Expert opinion: spain’s banks need up to 62 billion euros

Expert opinion: spain's banks need up to 62 billion euros

According to diplomats, the euro finance ministers signaled at their meeting in luxembourg on thursday that they wanted to help with emergency loans. Almost two weeks ago, the eurogroup had already promised the spanish banks support of up to 100 billion euros.

However, the official application for the emergency loans is still pending. Economy minister luis de guindos said on the fringes of consultations with his colleagues that the official request would not be made until the next few days. The international monetary fund (IMF) had estimated the financial needs of spanish banks at at least 40 billion euros. Economists have put the figure at 60 to 80 billion euros.

Euro heavyweight spain is under pressure from financial markets over its severe banking crisis and has to pay high risk premiums for its long-term government bonds. Italy, which is heavily indebted, is also in crisis and is increasingly in the focus of the markets.

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Shakira instead of seehofer

Shakira instead of seehofer

On a walk through the bavarian state capital, they grin from posters, the world stars and pseudo-stars. Politicians, on the other hand, do not. Shakira instead of seehofer or unheilig instead of ude – advertising for concerts instead of advertising for parties. Was not there something? Is not exactly election campaign? Or at least it should be. The posters were simply forgotten? Maybe the politicians have changed their strategy. The argument that it is too early does not apply. After all, you can’t start early enough to curry favor with voters.

Although there are still no posters with striking slogans and pithy faces to be seen, the people’s representatives are staring at you from the front pages of the newspapers and magazines. But there, the ladies and gentlemen are usually not as well off as they might like.

They are not yet talking about election programs or political demands, but rather about revoked doctoral degrees, the employment of family members at state expense, friendships with a tax evader, horrendous fees for lectures and so on.

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The “emergency money” reached dizzying nominal values

The 'emergency money' reached dizzying nominal values

The munzfreunde kronach again invite to the munz- und geldscheinborse on sunday, 1. December, in the multipurpose hall of the TSF theisenort. From 9 a.M. To 4 p.M., rarities, even unique pieces of banknotes and coins will again be on display.

It will be an interesting journey through time and the history of the centuries. In addition, oliver fischer, chairman of the munzfreunde kronach and initiator and organizer of the event will give a small insight into german inflation coins 1923.

Compared to the countless banknotes from the german inflationary period of 1922 to 1923, with values of up to 100 billion marks, there are only a small number of coins from this period. They can be divided into two categories: inflation and emergency munitions from government agencies as well as commemorative and collector’s munitions. The latter were not actually intended for payment transactions. The law on the issue of replacement coins of february 1922 allowed the production of coins up to a nominal value of 1000 marks. Coins of 200 and 500 marks were produced in millions.

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Kab celebrates labor day

After the workers’ service, delegations from the KAB local associations, interested parties and honorary guests came together at the KAB house in wilhelmsthal for a political "fruhschoppen". Under the title "europe on our doorstep diocesan secretary maria gerstner informed and discussed the importance of the EU with her interlocutors.

"In languages you often hear that brussel is far away. There one has no idea what is going on with us", gerstner explained. Nevertheless, the EU is also omnipresent in everyday life – for example, through funding for the bio-energy village of effelter, the flakonglasmuseum and the tropical house in kleintettau, or for the arnica town of teuschnitz.

Living safely and peacefully

But this is only one side of the EU. "The founding fathers of the common europe wanted much more – a europe in which all people can live safely and peacefully in freedom", she explained. But this noble goal could not only be achieved in brussel. Rather one must live and experience this europe concretely locally.

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Kronach is ready for the city spectacle

Roland wich asks his father-in-law if he should order ten more kilos of bread. Arnold sohnlein shrugs his shoulders.

The two of them are not organizing a huge barbecue. No, they organize the set-up of the kronach city spectacle for their clubs. Wich is chairman of the SV hofles and is grateful that the sale of food and drink can make a little extra money for the club. Even if it is very exhausting for him: "the week before and after the city spectacle I hardly see my family", says wich "this is all a heidenauand!" He has to think of everything for his stands and coordinate the 40 or so helpers. Fits the wiring? Are the roofs sealed? "Now comes the finishing touches, I hope we haven't forgotten anything." Like the can opener for the cucumber cans. He has often been absent from past city spectacles. "But this year I have it", assures wich and laughs.

Father-in-law arnold sohnlein is wich's counterpart, except that he is in charge of the youth orchestra and makes sure that everything goes well at the town spectacle. The second chairman of the association sits on a bench in front of the town hall and makes a relaxed impression. "During the construction week i was not here." He didn't have time, he says. Since yesterday morning, however, he is also fully involved. "We will probably work 16 hours a day until sunday", he says. Not to mention the 45 hours it takes to set up and tear down the bowling alley.

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Letter to avert billboard

The city council remains skeptical about the erection of billboards. Even if it meant coming into conflict with the building code. Therefore, the planned erection of an advertising facility on the site of the telekom technical building by OB-da aubenwerbung in seeshofer strabe has now been put on the table again. The building committee had rejected the project in september. Therefore now the landratsamt raised admonishingly the index finger. Should the city continue to reject the project, the supervisory authority had to replace the agreement. The planned billboard is not objectionable from a building law point of view.

For this reason, the city's master builder, detlef mohr, suggested that the project be approved, and the mayor, armin warmuth, also sees no legal grounds for opposing it. Second mayor reimar gluckler renewed his doubts, repeatedly voiced in recent years, about the design of the public space by means of coarse advertising installations. After the collapsing roads, the town center is now being approached more and more closely.

Alexander stolz sees a moral responsibility on the part of telekom, which wanted to earn money by erecting the billboard on its land. Years ago, the city had left the land to the state postal service for little money. Now telekom should accommodate the city's wish to do away with the billboard. In this sense, the mayor should write to the company.

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Eon needs time to rebuild

Eon needs time to rebuild

"It will take time to sustainably build the new eon with strong earnings power and appropriate prices for our shares," chief executive johannes teyssen said at the annual general meeting in essen on friday. It is not about short-term adjustments, but structural changes.

In view of the shrinking profits due to the energy turnaround and the nuclear phase-out, eon is focusing on new markets in emerging countries. Teyssen admitted that there could be jolts in the process. "But those who dare can gain a great deal with such future-oriented businesses. Those who fearfully do not move despite shrinking base at home have already lost."

In brazil, the group recently had to inject new money because its partner there – billionaire eike batista – had run into financial difficulties. The total investment now amounts to more than 1.1 billion euros. Among shareholders, therefore, concerns are already spreading. "We fear that brazil is a risk class (..) is too rough," said fund manager ingo speich of union investment, for example, according to the manuscript.

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Debt cut: talks with athens come to nothing

debt cut: talks with athens come to nothing

According to greek finance minister evangelos venizelos told greek state television (NET), they are scheduled to meet next wednesday (18. January) to be continued in athens. Venizelos commented on the language only as "useful". Venizelos, greek prime minister lucas papademos and IFF chief charles dallara are primarily involved in the talks.

The day before, the IIF had said there were still "unresolved core issues" and time was running out. Exactly what the sticking points are has not been made public. According to information from greek sources, however, the issue is the interest rate of the new bonds that are to replace the old bonds after the debt cut of 50 percent, as well as guarantees that there will be no new debt cut.

In addition, it is being negotiated which law should apply in the event of possible legal entanglements. The banks want the stricter british law to apply in this case, not greek law, and disputes to be negotiated in the united kingdom, it said.

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Globe: some questions are still being examined, but the money is firmly pledged

The unanimous decision in february was followed by silence for the time being: as far as the plans for the globe are concerned, the city council is to receive new information in may, says legal counsel stefanie grundmann. So far, it has only been decided that the offer of the joint venture of the companies brose, HUK coburg and kaeser will be accepted. These three companies want to build the globe on the guterbahnhof site and invest three million euros in the construction themselves.
The state of bavaria has pledged a further ten million euros. This is now also available in writing, and there is a proposal as to how the financing agreement with the free state of bavaria could be changed, says grundmann. The ten million euros are due to the fact that the state of bavaria is paying for three quarters of the general renovation of the landestheater. Accordingly, he also participated in the construction of an interim stage for the theater.
A maximum amount was not specified, and it was a condition that the interim playground should not be a permanent building. That has changed – thanks mainly to michael stoschek, chairman of the brose shareholders' meeting. He had personally approached markus soder, at that time still minister of finance, and convinced him that it would make more sense for the free state to subsidize a permanent solution with a fixed amount.
It also had to be clarified under which legal conditions the city could accept the offer of the joint venture. Actually, the city had wanted to erect an interim playground at the anger and had opened a europe-wide tendering procedure for it. The fact that the city cannot easily award the contract for a globe at the guterbahnhof to the joint venture was already mentioned at the city council meeting in february. "We are still in the legal process", says stefanie grundmann. With it a specialized office is assigned. She expects, however, that this can be completed by the city council meeting in may. 

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