GERMANY MARKS ITS TERRITORY
GERMANY is rumoured to be printing Deutschemark banknotes again in preparation for ditching the euro and distancing itself from Greece and the other ailing states that started the sovereign debt crisis.
As fears mount about the survival of the euro, it is said Germany’s central bank, the Bundesbank, has been ordered to print new marks as part of contingency plans to leave Europe’s single currency.
This would be an extraordinary step for Germany and would deepen the growing divide between Europe’s leading states. Since its introduction in 1999, the euro has had a tough time trying to win over a sceptical German public, who saw the mark as a symbol of their post-war prosperity. Regarded as one of the world’s most stable currencies, it was second only to the US dollar as the reserve currency of choice for investors and governments.
Despite the joint €750billion euro European Union-International Monetary Fund bailout package unveiled this month, there are growing fears that it will not be enough to save Greece, Spain, Portugal, Italy and other states from financial collapse.
If the bailout package fails to stabilise Europe and the euro, analysts fear the global economy could plunge back into recession.
UBS analysts Paul Reynolds and Joelle Anamootoo said: “If the rescue programme fails altogether, we are looking at a potentially much more negative picture.”
http://www.dailyexpress.co.uk/posts/...ts-territory-/
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