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Schumann, Harald

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4 articles of this author have been cited in the European Press Review so far.

Zeit Online - Germany | 14/12/2015

Berlin is Le Pen's best campaign aid

In calling on the euro states to follow its economic policy based on trade surpluses Berlin is contributing to the electoral success of the far-right Front National and other right-wing populists, the liberal web portal Zeit Online believes: "This is the best help Marine Le Pen and like-minded counterparts in other countries can receive. Because such a solution can't work if it's implemented everywhere at the same time. It is impossible for all the states of the Eurozone to achieve trade surpluses simultaneously. Extended to the entire Eurozone, all Germany's economic policy does is to slow the already chronic sluggish demand, increase unemployment and stoke the fears of social decline that are pushing voters into the arms of right-wing populists. ... A country that stubbornly implements economic nationalism at others' expense shouldn't be surprised when these states respond with their own nationalism."

Der Tagesspiegel - Germany | 16/03/2015

Euro Group fears left-wing governments

The struggle between Athens and the other euro states is not primarily about money, the liberal-conservative daily Der Tagesspiegel believes: "It seems the administrators of the euro crisis are more afraid of a leftist government than of the billions in losses from unpaid loans that the failure of the Tsipras government would entail. Ultimately this example could set a precedent. ... But if those who resist reforms in Berlin and Brussels really do manage to impose their old, failed programme on the rebels in Athens, the ensuing risk will pose a far greater threat than Syriza and other similar parties could ever do. Because a victory over the rebels in Athens would send a disastrous signal across Europe. Either the economically weaker countries kowtow to the Germans and their agents in Brussels or they'll be driven into economic decline. That, however, would be the biggest electoral boost that Marine Le Pen, her Front National and all anti-Europeans could ever hope for."

Der Tagesspiegel - Germany | 05/10/2011

Bailout fund only protects the investors

Angered by the way politicians have handled the European debt crisis journalist Harald Schumann himself became a speculator. He bought 18,790 euros worth of Greek government bonds in July and sold them only a month later at a net profit of 784 euros. The efforts to postpone Greece's bankruptcy have served the financial sector's interests, writes Schumann in the liberal-conservative daily Tagesspiegel: "Independently of their political convictions all the experts who are not tied to the financial sector called as early as spring 2010 for a quick waiving of debts. ... But the powerful financial sector opposed this. Its idealistic all-purpose lobbyist Josef Ackermann ... warned that it was 'inconceivable to allow the country to fall', saying the main thing was to 'put out the small fires before they turned into big ones'. The reason for his stance was simply that the customers of Deutsche Bank, in previous years one of the partners of the Greek finance ministry in selling bonds, shouldn't have to make losses. ... In a deliberate manoeuvre aimed at deceiving the public this is still being referred to as the 'rescue' of the Greeks (and Irish and Portuguese) even though in reality the only ones who are being kept from suffering any damage are those who made bad investments."

Der Tagesspiegel - Germany | 19/05/2010

Reforms a bulwark against crisis

With these hedge fund reforms the EU sends a clear signal that it's serious about getting the finance markets under control, writes the left-liberal daily Der Tagesspiegel: "Even if Europe's financial sector loses part of its market share it won't do us any harm. On the contrary: if the EU presses ahead it will clearly demonstrate that it is serious about getting a grip on the financial markets. Freed from the pressure of attaining global unity - which is unattainable in any case - the leaders of the EU could set about tackling all the other necessary financial reforms, from limiting credit levers to a ban on trade with naked credit default swaps, which create additional risks without the slightest economic benefit. True, this would substantially lower the profits of the EU's financial industry and banking would once more become the boring business it once was when it was all about transforming savings into loans. But at the same time Europe would win a crisis-proof financial system with which the other economic sectors could once more prosper."

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