Thursday, 24 September 2009

German economic adviser

German economic adviser

German economic adviser: the current crisis is the worst since 1945 BERLIN (Reuters) - A senior economic adviser to the Government German newspaper Bild am Sonntag that German global financial system is undergoing the worst crisis ever since its World War II. Said Peter Povinger an adviser to the government who called the Wise told the German economy in Europe's largest economy faces risks are clear. But he added in remarks distributed before the newspaper published excerpts that investors should not worry about money because the central bank will sponsor the affected banks "to be patient in intensive care." To increase confidence in the markets Povinger said that the State should make every effort to ensure that all institutions, rules and stressed the need for the passage of credit through banks rather than the future of traditional intermediary institutions, which he described as strange. Last week the German government reiterated it is committed to achieving economic growth expectations of 1.7 percent this year despite the market turmoil. In another interview with the New Press renewed call Povinger of an international program agreed to support the economy in which Germany. He said countries that enjoy large surpluses in the balance of payments, such as China, Russia, Japan, Germany, Switzerland and oil-producing countries to discuss together how they can contribute to the revitalization of the global economy. He added that the greatest danger facing the German economy is the strength of the euro said the single currency to rise about ten percent compared to the dollar since last fall. "The increase of ten percent in the mean half-point reduction in growth south Beirut

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