Bundesbank bigmouth gets boot
"The German Federal Bank (Bundesbank) has fired Sarrazin", the Berliner Zeitung reveals, reporting that the board of directors of Germany's central bank voted in favour of dismissing their controversial member. Thilo Sarrazin has been at the centre of a media storm since the recent publication of his book ("Germany is self-destructing") that expounds racist ideas concerning the lack of integration of Jews and Muslims into German society. This is not the first time that the banker has been at the centre of controversy, but "this time, the board wanted to be finished with him once and for all", notes the daily. Now, it must be decided "how" to fire their renegade colleague: the judicial procedure requires a finding that Sarrazin committed "a serious offence that damaged the bank's reputation", a rather imprecise criterion that leaves much room for interpretation.
“Hitler”, “Occupying Power" – it’s always the same. Berlin is asserting its stance on the euro crisis and, in turn, is being abused with comparisons to the Nazis. Die Zeit ponders how Germans should respond.
France’s second city will be European capital of culture in 2013. But for the moment, news from Marseille is dominated by feuds among Kalashnikov toting drug dealers who hold sway over entire neighbourhoods.
A Greek default can still not be ruled out, and it would place the European Central Bank in considerable danger. To avoid this, states should pay up and provide guarantees, believes economist Melvyn Krauss.