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Germany and France in debt deal

July 21st, 2011 Comments off

21 July 2011 Last updated at 01:00 ET

German Chancellor Angela Merkel Angela Merkel wants private investors to share taxpayers’ burden if Greece restructures its debts

German Chancellor Angela Merkel and French President Nicolas Sarkozy have hammered out a common position on the euro debt crisis.

A statement by the French president’s office said agreement had been reached after seven hours of talks in Berlin.

It comes ahead of a crunch meeting of eurozone leaders to resolve the Greek debt crisis and prevent further contagion to other eurozone economies.

Details of the deal have not yet been released.

Jean-Claude Trichet, the European Central Bank president, was also brought into the discussions, according to a spokesman for Mrs Merkel.

Germany had previously insisted that Greece’s lenders should be forced to take losses as part of any further rescue deal for Athens.

But this had been opposed by France and the ECB, who fear it could spark a Europe-wide banking crisis, push Spain and possibly Italy into trouble, and even jeopardise the solvency of the ECB itself.

‘Very serious’

Policymakers are set to discuss a range of measures at the meeting later on Thursday, including a new loan package to Greece and the role of private investors in any debt restructuring.

Reports suggest a new tax on banks will also be debated.

But German Chancellor Angela Merkel has cautioned against over optimism.

Greece received its first aid package in May last year, but the debt crisis continues to undermine confidence in global financial markets, with some commentators suggesting it threatens the future of the euro itself.

Politicians and investors are calling for decisive action to help bring the crisis to an end.

“Nobody should be under any illusion; the situation is very serious,” European Commission President Jose Manuel Barroso said on Wednesday.

“It requires a response. Otherwise, the negative consequences will be felt in all corners of Europe and beyond.”

The Governor of the Bank of England, Sir Mervyn King, has said that the crisis in the eurozone posed the most serious and immediate risk to the UK’s financial system.

President Barack Obama has also weighed in, calling Mrs Merkel on Tuesday night to stress the importance of tackling the debt crisis in sustaining the global economic recovery.

The International Monetary Fund has also called on European leaders to take swift and decisive action.

Delaying such action further would be “very costly” for the world economy, it said.

Spending cuts

However, there are divisions among policymakers about the best way to resolve the crisis.

There appears to be consensus on the need for a new loan agreement, analysts say, thought to be similar in size to the 110bn euro ($ 156bn; £97bn) package agreed last year.

However, there is also a growing consensus that this will merely act a sticking plaster, and that the fundamental problem of Greece’s indebtedness needs to be addressed.

Athens has already implemented a raft of wide ranging austerity measures, including spending cuts and tax rises, and earlier this month agreed to further drastic action to cut its debt.

Bank tax

But there is a growing sense that these will not be enough. The only way to resolve the problem is to restructure Greece’s debts, many observers argue.

Germany has proposed allowing Athens more time to repay, effectively rolling over existing debts into new bonds.

It wants private investors, largely banks, to participate in this restructuring.

But the European Central Bank has strongly opposed this plan, arguing that such a rollover would constitute a default in the eyes of the international credit ratings agencies and, as such, would undermine investor confidence and the euro itself.

An alternative way get private investors to contribute to any aid package would be to introduce a new bank tax.

Reports suggest leaders will discuss precisely such a tax, even though this would prove hugely unpopular with the banks.

It is these divisions that explain Mrs Merkel’s attempts to dampen expectations ahead of the summit.

The summit will take place in Brussels at 1300 local time (1100 GMT).

BBC News – Business

Categories: Investing Tags: Deal, Debt, France, Germany

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European Union leaders were locked in last-minute talks to clear the appointment of Italy’s Mario Draghi as European Central Bank president in a showdown that raised fresh questions over the bank’s independence.
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European Stocks Fall for Fourth Day; Air France, ASML Decline

June 6th, 2011 Comments off

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Germany and France Powered Euro-Area Growth in First Quarter

May 13th, 2011 Comments off

Germany and France powered economic growth in the euro area in the first quarter as booming exports fueled domestic spending in the bloc’s core, offsetting turmoil sparked by sovereign debt woes in Greece, Ireland and Portugal.
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U.S., France Signal Openness to Larger Yuan Role at G-20

March 31st, 2011 Comments off

The U.S. and France signaled openness to a greater role for the yuan while stressing the importance of exchange-rate flexibility as Group of 20 officials met in China to discuss the international monetary system.
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Sarkozy’s ‘Arm Twisting’ Means France Exceeds U.S. in Small Biz Loans

March 8th, 2011 Comments off

French lending to small and medium-sized companies didn’t turn negative during and after the financial crisis and is growing at an annual rate of about 4 percent
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Europe Stocks Fall for Third Day; Air France, Credit Suisse Drop

February 10th, 2011 Comments off

European stocks declined for a third day amid growing concern that accelerating global inflation will lead to higher borrowing costs. Asian shares and U.S. index futures retreated.
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Categories: Investing Tags: credit, Drop, Europe, Fall, France, Stocks, Suisse, Third

Normandy Impressionist Festival Sweeps the Streets of Northern France

February 7th, 2011 Comments off

Normandy Impressionist Festival Sweeps the Streets of Northern France

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Normandy Impressionist Festival Sweeps the Streets of Northern France

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Home Page > Travel > Destinations > Normandy Impressionist Festival Sweeps the Streets of Northern France

Normandy Impressionist Festival Sweeps the Streets of Northern France

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Posted: Jun 11, 2010 |Comments: 0
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As the first-ever Impressionist Festival kicks into high-gear, JustLuxe hits the streets of Normandy to celebrate one of the most influential artistic movements of all time.

The cobblestone streets of Northern France are abuzz, as the first-ever Impressionist Festival kicks into high gear. Slated from June to September, the Normandy region of France will celebrate one of the most relevant artistic movements in art history by offering a variety of cultural programs, exhibitions, and activities.

The Impressionist Festival was initiated under Laurent Fabius, President of the Roen, Elbeuf, Austreberthe Community (CRE), along with the regional governments of Upper and Lower Normandy, the counties of Seine-Maritime and Eure, as well as the cities of Rouen and Caen. With support from the community, local businesses, urban centers, and prominent cultural personalities, the unprecedented, multidisciplinary festival is poised to become one of the largest landmark events in recent French history.

After a recent trip to France, JustLuxe has the insider scoop for those fortunate art aficionados who are planning on attending the festival. As you know, the festival takes place throughout Northern France, and where better to start than by visiting Giverny, more commonly referred to as the estate and gardens of Claude Monet.

If traveling from Paris (or anywhere in France for that matter), the best way to get to the Normandy region is by train. We found that Rail Europe provides a quick and hassle free means of travel, offering a comfortable first-class cabin for those who wish to ride in style. For just 5, you can purchase a First Class France Rail Pass, which provides four days of unlimited travel, valid for one month. Not only are the high-speed trains (Train à Grand Vitesse) both luxurious and convenient, they also offer unsurpassed views of the pristine French landscape. After approximately an hour of yellow and green panoramas flashing through the windows, our train arrived in Vernon, an enchanting town steeped in history, located just 30 minutes from Giverny.

As you approach Giverny, you will most likely find yourself overcome with a sense of surrealism, yet this particular estate is all about one thing: Impressionism. It was here where Claude Monet went about his daily life, raised his eight children, and drew inspiration in the surrounding beauty of his expansive gardens. From the borderline obsessive Japanese prints that blanket the walls, to a kitchen that would make Alice and Wonderland proud, each room inside the estate has been carefully restored by the Foundation Claude Monet Giverny.

While the interior of the pink rural farmhouse is unarguably impressive, the real beauty lays just outside. Spanning two and a half acres, the Jardins de Claude Monet is a welcoming respite, splashed with vibrantly hued flowers and sweet lingering aromas. One doesn’t need to be an art aficionado to recognize the familiar specks of color and gleaming flecks of light— but for those who know Monet well — this is truly a profound experience. Cascading perennials, lush greenery, and of course, delicate water lilies scattered gracefully in the water garden, are among the highlights of this well-preserved sanctuary.

In celebration of the upcoming festival, the Musée des Impressionist de Giverny is showcasing Impressionism on the Seine: from Renoir and Monet to Matisse, an exhibition, which brings together approximately 50 paintings from both public and private collections, each which was painted along the banks of the Seine River. The collection is designed to retrace the history of Impressionism and post-Impressionism, from Eugène Boudin to Henri Matisse.

After perusing the gardens and masterpieces by Monet, Renoir, Pissarro, and Sisley, we set out to follow the Route of the Impressionists in Rouen, a charming town situated between Paris and the Normandy coast. Once described by Pissarro as being just “as beautiful as Venice,” Rouen is best known for having drawn the likes of landscape painters, serving as an instrumental landmark during the time of the Impressionists.

The Route of the Impressionists runs along the Seine Valley La Bouille, Sahurs et Bonsecours and highlights 22 key locations where such famous artists had once set up their easel and captured the landscape that lay ahead. The six tourist routes are scattered throughout Dieppe, Etretat, Le Havre, La Bouille, Rouen, and Giverny, and are marked with reading panels that describe which Impressionist painting was created at the site, and by whom.

After literally standing in the footsteps of some of the most influential artists of all time, we headed back to the city, checked into the medieval Hotel Bourgtheroulde, passed the burning grounds of Joan of Arc, and made our way to the Musée des Beaux Arts. With 100 masterpieces devoted to the city “of a thousand steeples,” the Musée des Beaux Arts boasts the finest Impressionist collection in France, outside of Paris. In celebration of the festival, the museum presents: A City for Impressionism: Monet, Pissarro, and Gauguin in Rouen.

While Impressionist paintings hang on the white walls inside, the real spectacle occurred just outside its doors. On June 5, 1,250 participants clutched a recreated piece of Monet’s La Cathédrale de Rouen, effet de soleil, fin de journée, and as they extended their arms towards the sky, the puzzle came into focus and was projected for all to see, covering a surface area of 600 square meters.

There is no denying that the much-anticipated Impressionist Festival has swept the streets of Upper and Lower Normandy. From museum exhibitions and carefully mapped routes along the Seine, to exclusive pre-fix “Impressionist menus” at local restaurants, the Impressionist Festival is one cultural event that is not to be missed.

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Christina Stewart -
About the Author:

Associate Editor, JustLuxe

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