The German economy is expected to show “solid” growth this quarter, although it may drop below the rate of around 0.5% in the first half because manufacturing output is forecast to remain constant, the Bundesbank said.
German private wealth fell for the first time in six years in real terms, declining 0.8% in the first quarter this year. The lower value of stocks and a higher inflation rate hit consumers’ assets.
The Center for European Politics, a German think tank, said Greece’s creditworthiness continued to decline, because it was investing too little and consumed more than it earned.
The EU’s bailout program for Greece has ended, but the bloc may have to decide whether a debt haircut is needed by 2032, when loan repayments are set to start.
Turkey should not receive aid from Germany or Europe but from the International Monetary Fund, if at all, European Commissioner Günther Oettinger said.
Germany is expected to have the world’s largest trade surplus for the third consecutive year, at $299 billion, the ifo Institute said. The US is forecast to have the biggest trade deficit, at $420 billion. (Reuters)
Finance Minister Olaf Scholz, a Social Democrat, said Germany should stabilize the payout ratio of government-backed pensions until 2040, drawing criticism from Christian Democrats.
Turkish authorities allowed jailed German journalist and translator Mesale Tolu to leave the country, but a court cases against her will continue in October. She is accused of supporting a terror group amid Ankara’s crackdown on dissent.
Heiko Maas, the foreign minister, wants progress in the Minsk peace process. He said sanctions on Russia would only be eased if Moscow implements the agreement. (WamS)
German Finance Minister Olaf Scholz called the Greece bailout “a success” but several economists were skeptical. Greece will no longer depend on funding from the EU after August 20, after receiving €200 billion in aid since 2010.
The renovation of the Bundesbank’s main campus may need more time as the central bank wants to plan the project anew, and fired its project manager.
German Chancellor Angela Merkel and Russia’s Vladimir Putin made no new agreements at their meeting near Berlin on Saturday, but pledged continued cooperation on the Nord Stream 2 energy project and on humanitarian aid for Syria.
The European Central Bank will present its new €100 and €200 notes on September 17. The new money is harder to forge.
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Berlin and Athens agreed that Greece will take back refugees who have already registered in the Mediterranean country, as Germany toughens its asylum policy.
Berlin will miss its target to renovate public buildings to make them more heat-efficient. The aim was to cut usage by 20% by 2020. (Rheinische Post)
Ms. Merkel said there wouldn’t be a repeat of the 2015 influx of refugees into Germany. In Saxony, where people oppose her policy, the chancellor emphasized that rejected asylum seekers would be deported faster.
Several Volkswagen workers might be fired immediately due to their association with the Dieselgate scandal and are preparing to take legal action. (Bild am Sonntag)