European Economics Thread
- Thread starter PiSigma
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PiSigma
"the engineer"
They were created at around the same time. Think this one was literally created hours before the other one. Need merging for sure.
European firms in deep shit.... but all worth it for Ukr democrazy and freedumb.
LOL...
July 3, 2022 at 7:46 PM GMT+10
Top German industries could face collapse because of cuts in the supplies of Russian natural gas, the country’s top union official warned before crisis talks with Chancellor Olaf Scholz starting Monday.
“Because of the gas bottlenecks, entire industries are in danger of permanently collapsing: aluminum, glass, the chemical industry,” said Yasmin Fahimi, the head of the German Federation of Trade Unions (DGB), in an interview with the newspaper Bild am Sonntag. “Such a collapse would have massive consequences for the entire economy and jobs in Germany.”
The energy crisis is already driving inflation to record highs, she said. Fahimi is calling for a price cap on energy for households. The rising costs for Co2 emissions mean further burdens for households and companies, Fahimi added. The crisis could lead to social and labor unrest, she said.
Potential German GDP losses due to production cutbacks in the case of natural gas rationing*
Note: Calculations based on the 2018 German input-output table produced by the Federal statistics office. * Shocks to non-prioritized industrial sectors and to services depending on the natural gas intensity of their activities.
Economics Minister Robert Habeck said on Saturday that the government is working on ways to address the surging costs both utilities and their customers face, without giving details. Earlier he had warned that the squeeze on Russian gas supplies risks creating deeper turmoil, the situation to the role of Lehman Brothers in triggering the financial crisis in 2008.
Russia has reduced shipments through Nord Stream pipeline by 60% and the pipeline is scheduled for a full shutdown this month for maintenance. Germany has raised doubts that Nord Stream will resume supply after that.
Germany’s Union Head Warns of Collapse of Entire Industries
July 3, 2022 at 7:46 PM GMT+10
Top German industries could face collapse because of cuts in the supplies of Russian natural gas, the country’s top union official warned before crisis talks with Chancellor Olaf Scholz starting Monday.
“Because of the gas bottlenecks, entire industries are in danger of permanently collapsing: aluminum, glass, the chemical industry,” said Yasmin Fahimi, the head of the German Federation of Trade Unions (DGB), in an interview with the newspaper Bild am Sonntag. “Such a collapse would have massive consequences for the entire economy and jobs in Germany.”
The energy crisis is already driving inflation to record highs, she said. Fahimi is calling for a price cap on energy for households. The rising costs for Co2 emissions mean further burdens for households and companies, Fahimi added. The crisis could lead to social and labor unrest, she said.
Gas Shock
Potential German GDP losses due to production cutbacks in the case of natural gas rationing*
Note: Calculations based on the 2018 German input-output table produced by the Federal statistics office. * Shocks to non-prioritized industrial sectors and to services depending on the natural gas intensity of their activities.
Economics Minister Robert Habeck said on Saturday that the government is working on ways to address the surging costs both utilities and their customers face, without giving details. Earlier he had warned that the squeeze on Russian gas supplies risks creating deeper turmoil, the situation to the role of Lehman Brothers in triggering the financial crisis in 2008.
Russia has reduced shipments through Nord Stream pipeline by 60% and the pipeline is scheduled for a full shutdown this month for maintenance. Germany has raised doubts that Nord Stream will resume supply after that.
Collapse of Industries...
Well, I guess Europe..., Wait, Germany?
Oh no...
Oh Fxxk...
These are strikes in Norway. richest country in Europe. problem is Norway sovereign wealth funds have already lost hundreds of billions in stock markets when you consider Euro and Pound weakness and past 6 month contributions. and now it cannot withdraw otherwise it will tank the markets further.
Germany braced for the deepening of a brutal economic crisis which is self-inflicted.
(Bloomberg) -- German gas giant Uniper SE is in talks with the government over a potential bailout package of as much as 9 billion euros, ($9.4 billion) according to a person familiar with the situation.
The government is looking at applying a set of measures, including loans, taking an equity stake and passing part of the surging costs onto customers, said two people familiar with the talks.
The Finance Ministry and Uniper declined to comment. The company, which is one of the biggest importers of Russian gas, said last week it was in talks with the government to secure liquidity. Its shares sank 28% on Monday.
Germany, which has built its economic model on cheap Russian gas, is wrestling with a squeeze in supplies and surging fuel prices as Moscow punishes Europe for its support for Ukraine. German Economy Minister Robert Habeck has warned that the gas crunch risks triggering a collapse in the market, similar to the role of Lehman Brothers in the financial crisis.
The government is also preparing legislation that would enable the state to inject capital and take a stake in struggling energy companies, according to two people familiar with the situation. It will also allow for customers to shoulder more of the cost of rising gas prices. The Cabinet is set to approve the bill this week.
The Economy Ministry also declined to comment. Chancellor Olaf Scholz signaled at the weekend the government could use bailout tools created during the pandemic to rescue Lufthansa in the current crisis.
(Bloomberg) -- German gas giant Uniper SE is in talks with the government over a potential bailout package of as much as 9 billion euros, ($9.4 billion) according to a person familiar with the situation.
The government is looking at applying a set of measures, including loans, taking an equity stake and passing part of the surging costs onto customers, said two people familiar with the talks.
The Finance Ministry and Uniper declined to comment. The company, which is one of the biggest importers of Russian gas, said last week it was in talks with the government to secure liquidity. Its shares sank 28% on Monday.
Germany, which has built its economic model on cheap Russian gas, is wrestling with a squeeze in supplies and surging fuel prices as Moscow punishes Europe for its support for Ukraine. German Economy Minister Robert Habeck has warned that the gas crunch risks triggering a collapse in the market, similar to the role of Lehman Brothers in the financial crisis.
The government is also preparing legislation that would enable the state to inject capital and take a stake in struggling energy companies, according to two people familiar with the situation. It will also allow for customers to shoulder more of the cost of rising gas prices. The Cabinet is set to approve the bill this week.
The Economy Ministry also declined to comment. Chancellor Olaf Scholz signaled at the weekend the government could use bailout tools created during the pandemic to rescue Lufthansa in the current crisis.
Amazing how fast things went bad after Merkel left. Its almost like she was a competent politician... Since Comrade Scholz and CIA-Greens took power they have been almost daily actively trying to destroy the German economy and the German people' finances
Remember, "may you live in interesting times". People were saying that Merkel was "boring" but ask them now and they would probably take her back in a heartbeat lol