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MAKE MONEY BLOG$~FRANKFURT. Statement Bundesbank pushed the euro fell after the trading day was higher against the U.S. dollar. Bundesbank repeated his opposition to the intention of the European Central Bank to buy government bonds in order to tame the crisis.
"The purchase of government bonds by the euro system will we see a critical and contains significant stability risks," the Bundesbank in its monthly report. Bundesbank also confirmed, sharing portions of solvency risk should be borne by the government, not the central bank.
Here it appears that the governor of the Bundesbank Jens Weidmann remained opposed to the ECB Mario Draghi. On 2 August, Draghi said that the ECB is working on a plan of intervention in the form of bond purchases and a decision will be taken in September.
Just so you know, the former Bundesbank president Axel Weber retreated last year after he opposed the isolated due to ECB bond buying program. Former Vice President of the Bundesbank's Juergen Stark is also leaving his post as chief economist of the ECB as an expression of protest against the program.
"Nobody should try to create the impression that the Bundesbank or boss isolated," said a member of the ECB from Germany Joerg Asmussen told the Frankfurter Rundschau newspaper today.
As usual, the market reacted instantly. Knowing the attitude of the Bundesbank, at 20:00 pm the 16-nation European currency was eroded by 0.35% against the yen to 97.78 yen. Against the U.S. dollar, the euro fell 0.25% to U.S. $ 1.2304.
Whereas before, the euro had strengthened welcomed the news magazine Der Spiegel that the ECB is considering to set limits on the European bond yields.
Demands on Greece getting louder
Meanwhile, demands for commitment Greek louder. German Deputy Finance Minister Steffan Kampeter reiterated that Greece must fulfill its commitments. "We have agreed to look at what has been done Greece, based on the analysis of the troika. If there is a deviation, the Greek side will be compensated. The key is not in Berlin, but in Athens, "he said.
Similarly, Minister for European Affairs and Foreign Trade of Finland Alexander Stubb emphasized that Greece will not be given extra financial bantunan without economic reforms. "There will be no third package (for Greece) if he did not do structural reforms," he told reporters in Helsinki.
As a reminder, Greece must cut its budget by 14 billion euros in two years to meet its deficit targets. In order to comply, Greece must run a strict policy.
What is clear, this weekend was a busy weekend as the event diplomacy European policy makers. On August 23, German Chancellor Angela Merkel will meet with French President Francois Hollande. Meanwhile, Greek Prime Minister Antonis Samaras will come to Berlin the next day.
source: http://investasi.kontan.co.id/news/oposisi-bundesbank-terhadap-ecb-meruntuhkan-euro
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