German Chancellor Angela Merkel scrambled Monday to replace Economy Minister Michael Glos after his shock resignation with Germany in recession and a general election only seven months away.
Germany's ruling coalition appeared in disarray on Saturday after Economy Minister Michael Glos offered to resign only to be stopped by his own party leader in the midst of a crippling recession.
Turkey is blackmailing the European Union over the proposed Nabucco gas pipeline, which would bypass Russia by bringing Caspian Sea gas to Europe, German Economy Minister Michael Glos said on Tuesday.
Germany's economy minister has called for diversifying the country's energy sources after the recent gas crisis in Europe, hinting Berlin should take another look at phasing out nuclear power.
The German economy is set to suffer its deepest recession since World War II, with growth in Europe’s biggest economy to slump by as much as 2.5 percent this year, Economy Minister Michael Glos has confirmed.
A minister from the Czech Republic, current holder of the EU presidency, will hold talks in Berlin with Gazprom's vice-president Tuesday on an escalating gas dispute between Russia and Ukraine, a diplomatic source said.
The German Economy Ministry said Wednesday it had set up a hotline for small- and medium-sized enterprises (SMEs) that are having problems with financing because of the international crisis.
German regional bank BayernLB on Tuesday evening became the first bank to apply for state aid under a rescue package thrown together to underpin the country's financial sector.
German Economy Minister Michael Glos on Monday called for investment bankers to follow the example of Deutsche Bank CEO Josef Ackermann by forgoing their bonuses this year in light of the global financial crisis.
The German government on Thursday slashed its growth forecast for 2009 – the world’s third largest economy is now only expected to expand by a meagre 0.2 percent next year.
The German government will have to “markedly revise downward” its economic growth forecast for 2009, due to the world financial crisis, Economy Minister Michael Glos said Saturday.
Iraqi Prime Minister Nuri al-Maliki and German bosses have a dinner date Tuesday following a visit this month by Economy Minister Michael Glos to Baghdad, signifying that German-Iraqi trade is back in business.
High level EU politicians have cautioned against panic after two days of turbulence on the financial markets. Jean-Claude Juncker, Prime Minister of Luxembourg and Euro group president said that while he is not ruling out the possibility of a recession in the US, he does not believe that the credit crisis will necessarily mean a slowdown for the Eurozone economy. He warned about exaggerated pessimism late Monday and said “In comparison to the US, the fundamental data in Europe is solid.”
