GERMANY: Germany's DAX index opens 0.9 percent higher, with one Frankfurt trader saying 'it's time for reality' following the Greek elections

Record ID: 861328

  • Title: GERMANY: Germany's DAX index opens 0.9 percent higher, with one Frankfurt trader saying 'it's time for reality' following the Greek elections
  • Date: 11th May 2012
  • Summary: FRANKFURT, GERMANY (MAY 10, 2012) (REUTERS) WIDE OF DAX BOARD DAX CURVE POINTING UPWARDS VARIOUS OF TRADERS WORKING ON COMPUTERS DAX BOARD SHOWING INCREASE OF 52 POINTS OR 0.81 PERCENT TRADER WORKING ON COMPUTER BANK SHARES ON BOARD (SOUNDBITE) (German) TRADER AT BAADER BANK, ROBERT HALVER, SAYING: "If the Bundesbank (central bank) talks about permitting more inflation on a temporary basis, then it is a financial revolution, something totally new. It clearly shows that they have understood that in order to save the euro zone, the ECB needs to be dramatically involved. Otherwise, we have a problem." BANK SHARES ON ELECTRONIC BOARD (SOUNDBITE) (German) TRADER AT BAADER BANK, ROBERT HALVER, SAYING: "Following the elections, it's time for reality and (German Finance Minister Wolfgang) Schaeuble and many other politicians and EU commissioners clearly understood that we are sick and tired of showing solidarity for Greece. You simply can't offer half a pig and only get back one kilo of meat, it just doesn't work that way. If the Greeks are not willing, you have to let them go. The decisive thing will be to avoid a domino effect on other countries but I am confident that the ECB is standing by." TRADERS WORKING ON COMPUTERS HALVER LOOKING AT MOBILE PHONE WIDE OF DAX BOARD HIGH SHOT OF FLOOR
  • Embargoed: 26th May 2012 13:00
  • Keywords:
  • Location: Germany
  • City:
  • Country: Germany
  • Topics: Economy
  • Reuters ID: LVA6RR2F3OLQSZOZG4T32GNUB47N
  • Aspect Ratio:
  • Story Text: Germany's DAX index opened almost one percent higher on Thursday (May 10) before it suffered losses of around 0.32 percent some three hours into trading.
    Frankfurt trader Robert Halver of Baader bank commented on Bundesbank sources saying the German central bank was preparing to live with inflation rates in Germany slightly above the ECB's target level as a consequence of the euro zone crisis.
    "If the Bundesbank (central bank) talks about permitting more inflation on a temporary basis, then it is a financial revolution, something totally new," Halver said.
    "It clearly shows that they have understood that in order to save the euro zone, the ECB needs to be dramatically involved. Otherwise, we have a problem."
    Halver also commented on the political situation in Greece, saying "it's time for reality and (German Finance Minister Wolfgang) Schaeuble and many other politicians and EU commissioners clearly understood that we are sick and tired of showing solidarity for Greece."
    "You simply can't offer half a pig and only get back one kilo of meat, it just doesn't work that way. If the Greeks are not willing, you have to let them go" out of the euro zone, Halver said.
    "The decisive thing will be to avoid a domino effect on other countries but I am confident that the ECB is standing by."
    Around midday, the DAX was down 0.34 percent or 21 points, standing at 6453 points.
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