No amount that it "forgets in the cookie jar"

The billion-dollar miscalculation in the nationalized Hypo Real Estate (HRE) has a bad bank and its aftermath: Finance Minister Wolfgang Schaeuble ordered according to "mirror" managers of both banks to report one. In addition, the bank managers to the Bundestag finance committee and answer questions.

The FMS is the bad bank of HRE - and state-owned. Be charged there, the impact to the state budget.
On Friday it was revealed that the bathroom had FMS bank reported value of its debt management by 55.5 billion euros too high. To the accounting error was apparently because the FMS value management gains in the papers that had been outsourced to the bank, had posted a loss. Because of the accounting error Germany's national debt falls by 2.6 percentage points to 81.1 percent of annual economic output.

According to "mirror" should now appear first to report to a board of HRE in the Treasury and later a director of the FMS value management. Schäuble wants to know both how it came about the balance sheet errors.

SPD: Ministry of Finance for oversight

The SPD accused the Federal Treasury in connection prior to the calculation errors of negligence. The bad bank, state bank of HRE as lying within the jurisdiction of Schaeuble said the SPD parliamentary manager Thomas Oppermann. Schäuble was "responsible for ensuring that the bank is properly managed and supervised," this is obviously not happened. The Minister must explain quickly, "why he has miscalculated by 55.5 billion euros," Oppermann asked. "This is not a contribution that hides the Swabian housewife in a cookie jar and forget."

Even the Left Group Vice Ulrich Maurer, called Schaeuble must "promptly provide clarity." "Imagine only that the bank could not be accounted for 55.5 billion debt too much but too little," admitted Mason points out. "How does one do not trust, but increased the chaos."

Accusation against "Politklamauk"

The Finance CSU politician Hans Michelbach dismissed the criticism of the SPD to back Schaeuble as "the latest example of the continued Politklamauks the social democrats." It is the "natural duty" of a bank-top to provide accurate figures, the chairman of the Union Group said the finance committee. The attempt to shift the responsibility Schäuble was "more than just frivolous."

Simultaneously emphasizing Michelbach, he expected the leadership of the bank in the Bundestag Finance Committee a "full investigation of this incredible mistake." "In-place, the necessary conclusions are drawn. This includes an explicit personal consequences."

Rescue by the State

In October 2010, slipped deep into the red zone HRE had outsourced as part of a restructuring plan rotten securities and unnecessary divisions in the state FMS value management. HRE had been nationalized during the financial crisis of 2009 to prevent a collapse of the banking system. With a total of around 175 billion euros in guarantees, capital injections and other assistance payments at the time she was saved from extinction.

Looking back: Insurance - Liability for consequential loss

In May 2010, p. Petra and her children in her Alfa 156 on the A81 road, near Stuttgart. Suddenly jumps on the hood at full speed. The hood wraps around the windshield and the grille by even beats the glass roof. Petra S. can just look through a narrow gap under the hood open on the road and bring their car to a stand still. She suffered only some scrapes and her children remain unharmed.

The damage to the Alfa is around 6000 €. Petra S. is fully insured and assumes that the insurance company pays the damages. But refuses to pay. It concerns not a real accident. Even her insurance agent thought it was a joke at first and then for a misunderstanding.

The amazement grew when the details were clear. The cause of the accident was the hook securing the bonnet, which already was faulty from the factory. And indeed, for faulty parts will not be liable to insurance. Then it is not an accident, but a so-called consequential loss. For insurance, this error is to be treated equally with an engine failure due to lack of engine oil.

This also corresponds to the law. The full insurance must not be liable if it has ruled in their contracts. Petra S. reads on the Internet, however, that other Alfa 156, such a faulty bonnet lock and had accidents. There was even a recall by the manufacturer. The Petra S. learned but not by the vendor.

As her lawyer but she believes that the dealer should have informed them. The lawyer cites a case from Dusseldorf. There pay an Alfa dealer, the manufacturer had also given warning and had not continued.
The only difference: Petra S. had not bought from a dealer, but a free trader. The lawyer sees no reason that the free trader should be liable other than the dealer. The Higher Regional Court (OLG) in Stuttgart, however, sees this differently. The free traders do not need to tell the callback. He did not have the same responsibility as the dealers. Only must all the customers who also share used car buyers, manufacturers warnings.

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Use the free trader must not judge according to the possibilities of research at the Federal Motor Vehicle Office or in the trade press, even if he sells respective manufacturers. However, the customer would find the recall itself and leave the hood lock wait.

Since the used car dealer for recalls has no duty to inform, buyers must ask specifically if there were recalls, recommends the lawyer. Buyers should always have a witness for evidentiary purposes with you. Only when the free trader assures that there was no recall, it must also adhere to this statement.

Again firebombs found on railway tracks

Are on railway lines in Berlin again incendiary devices were discovered. Railway workers were in route inspections in the district Staaken in the west of the city and the district of Schöneberg in the south in the morning several incendiary devices, a police spokesman confirmed. The rail traffic on the routes concerned were suspended.

One of the firebombs had been burned. "Is not yet known when this was burned," said the spokesman. The State Criminal Police Office took over the investigation first. In the meantime, turned on the Attorney General. The Federal Criminal Police Office is charged with the further investigation, said a spokesman for the Attorney General. There was a suspicion of "anti-constitutional sabotage and other crimes."

The German Railways offered a reward of 100,000 euros for information on the perpetrators. Going on granting and distribution of rewards according to the importance of evidence decided the company said. Excluded are civil servants who are professionally obligated to prosecute criminal acts.

So far one has claimed responsibility for the attacks

On Monday, the unknown had on the route Berlin-Hamburg, near the train station Finkenkrug Havelland a cable tray set on fire and destroyed by signal cables. To the attack, a left-wing grouping known. In a letter published on the Internet claiming responsibility said, will protest the attack on the deployment of the Bundeswehr in Afghanistan.

In addition, on Monday in the vicinity of Berlin's main railway station, a fire set discovered in a transformer building, but not lit. On Tuesday, railway workers found on the web site in Berlin-Treptow incendiary and alerted the police. The police believe that all were deposited simultaneously and be discovered little by little since then.

Delays in rail traffic

The train services between Berlin and Hamburg-Berlin-Hannover as well as numerous regional railway lines in the capital were severely compromised as a result of the findings. It also came on today to cancellations and delays. The police did not rule out that there are other undiscovered incendiary.

Dramatic appeal of the ECB chief

In a dramatic appeal, the outgoing ECB president Jean-Claude Trichet in Europe of the debt and banking crisis has called for urgent action. The crisis has jumped from "systemic dimensions," and already from smaller to larger EU states, Trichet warned of the Economic and Monetary Affairs Committee of the European Parliament. There he was speaking as head of the European System Risk Board (ESRB) - a sort of early warning system that was created in response to past financial crisis.

"Banks need to be recapitalized"

Punjab National Bank
Punjab National Bank, London, uk


The outgoing official ECB chief used his last appearance before Parliament, to the policy before the EU summit on 23 October, the seriousness of the situation to bear in mind: "When problems arise, they must be tackled as quickly and efficiently as possible." There is no question that would need to be recapitalized banks in Europe. "That's part of our embassy decisions must be made -.. And as quickly as possible" Crisis management is now in demand, Trichet stressed - especially since the debt crisis have adopted "global scale".

The situation was tense in the markets not only in Europe. "The high volatility in stock markets shows that the tensions have spread worldwide via the capital markets." The highly interconnected financial sector in Europe struggle with contagion risks. This threatened the financial stability in the EU as a whole and affect the real economy in Europe and beyond.

Juncker does not rule out debt cut for Greece

The chairman of euro group, Jean-Claude Juncker, concluded in an interview with Austrian broadcaster ORF an average debt of Greece no longer sufficient. About the size of a debt-section would not speculate on, Luxembourg's prime minister. When asked whether being discussed in the EU had an average debt of 50 to 60 percent, he said: "We are talking about more."

At the same time he pointed out the dangers of such a move. One should not think that is enough in a debt cut, the Luxembourg prime minister warned: "We care must argue that this does not lead to contagion risks in the euro zone." He pleaded for a government to prevent bankruptcy in the euro zone "with all his might." The political leadership in the crisis "not ideal" was, said the head of the Euro Group. "We were not fast enough," he admitted. The financial markets could easily respond quickly.

Also, the council member of the European Central Bank (ECB), Marko Kranjec, expects a debt restructuring in Greece. "I am confident that Greece will not go bankrupt, at least not in the sense that there are other countries is taken into the abyss. A restructuring is highly probable and is already being discussed," Kranjec said in an interview with Slovenian television.

Slovak Parliament says "no" to EFSF

The Slovak Parliament has rejected the expansion of the euro bailout EFSF. After a ten-hour debate at the end lacked 21 votes. At the same time also failed prime minister Iveta Radicova. She had connected with the vote of confidence.

Slovakia was the last of the 17 euro nations, which had yet to approve the operation. The defeat in the confidence vote must be under Slovak law does not automatically mean new elections. Radicova had suggested at lunch, hold a second vote should come not consent to EFSF expansion in the first round about. Whether it will happen now, remained unclear.

Malta says yes unanimously

Malta had previously agreed to as the penultimate country in the euro zone, the expanded euro rescue (EFSF). The parliament of the small island nation was unanimously in favor. "This is Malta's commitment to European financial stability proof," said Finance Minister Tonio Fenech after the vote.

What may not be - but it can be

The discovery by Shechtman Daniel has brought a law of science to case: He made a material from which no one believed that it could exist at all. This year's Nobel Prize in chemistry but had to do prior to accepting an uphill battle.

On 8 April 1982 Daniel Shechtman painted three big question marks in his lab book in which he recorded his experiments and their results. He had studied the atomic structure of a metal alloy - and there was clearly something not quite right. At his lab table was a crystal in which the atoms were sorted on a regular basis, but in a way that was considered impossible: The material had a five-fold symmetry.

Why do some arrangements of atoms are allowed

Only objects of certain symmetries can be put together without gaps or stacked one above the other: twice, threefold, fourfold and sixfold symmetries are not a problem - five times already. The tiler Tile a bathroom usually with square tiles, he could also take a triangular or hexagonal - but never five-cornered. Because it can no bathroom tiles - there are always gaps remain.

Order to change

Atomic model of quasicrystals. (Source: Ames Laboratory of the U.S. Department of Energy)
Up to Shechtman's discovery was clear: all crystals are composed of identical units, which are arranged without gaps so that they repeat themselves constantly. Therefore applied to crystals for a long time: five times were forbidden symmetries. Such crystals contradicted what was then considered all the laws of nature.

But Shechtman newly produced material had a five-fold symmetry. At his trial it was an entirely new type of solid: so-called quasicrystals. These are crystals that are built on completely different rules. The building blocks of a quasicrystal never be repeated: you are always surrounded by a different pattern. Nevertheless, there is no chaos here. They arrange themselves on a regular basis. Which only becomes visible with mathematics.

Daniel Shechtman research colleagues mocked him when they heard what he thought he had found. His boss told him at first, read the crystallographic basis textbook again carefully. As researchers continue to insist on the correctness of his test results, he even had to leave his research group - were too embarrassed to head the crazy ideas Shechtman.

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Shechtman was cast for his discovery of mad even from his research group.
In 1984, two years after its discovery, Shechtman presented his research at a prestigious journal to publish one. But the manuscript was returned to sender - the publisher had rejected as absurd.

Shechtman long sought support from other crystallographers and eventually convinced them of his work. Only when these Shechtman filed together with the paper in another journal, it was released - and sent shockwaves through the scientific world like a bomb. Ten years later they even changed the definition of what makes a crystal: The old description of "periodic, repeating pattern" was no longer appropriate.

Not only basic research

Hundreds of quasicrystals, researchers around the world since Shechtman made discovery. It is always to metal alloys. Some natural minerals with quasicrystal structure has been found.

Many of them have high thermal insulation properties, have smooth, hard surfaces and could be used for pan coatings, engine components and other applications.

Already on the market for razors and special eye surgical needles made from an extremely tough stainless steel - all based on the discovery of quasicrystals Shechtmann.

More Europe - or less?

Europe course - that's clear. But how much or how little Europe should it be? It currently denies the Union. For CDU-heavyweight and federal Finance Minister Wolfgang Schäuble is clear: The consequences of the euro crisis can only mean one more in Europe. "Without a limited but targeted further steps towards the deepening of European institutions, we will lose in the long run our European capacity," Schäuble wrote in the "Welt am Sonntag".

Nobody wanted a European super state that would try to transfer only the monopoly control of the outdated nation-state to a larger unit, said Schäuble on. Therefore, a new form of cooperation among states is necessary. At the end of this process, the political union will stand.

Contradiction comes from the CSU

Just do not, it echoes against the finance ministers of the sister party CSU. "Whoever pulls out of the debt crisis to the conclusion that the European centralism are now reinforced, sets out on the completely wrong way," said Interior Minister Hans-Peter Friedrich (CSU), the "mirror". The growing Euro-skepticism could be "not met by the fact that the people elected by national parliaments and governments are still more disempowered."

The CSU deputy Georg Nüßlein turned into the magazine directly to the Finance Minister: "When it comes to Schäuble, to realize his dreams of European policy in the crisis, he is no longer just his job."


Support for Merkel and Sarkozy

Schäuble, however, can certainly be weighty backing. Both Chancellor Angela Merkel and French President Nicolas Sarkozy had recently called for a closer integration of economic and financial policies of the euro countries. Keywords: European economic government.

The SPD parliamentary leader Frank-Walter Steinmeier called the "Rheinische Post" for a common economic and financial policy. "This will not go without permanently changing the contracts." But as this could be more accurate, is open. EU Commission President José Manuel Barroso sees a chance to strengthen Brussels.

Financially for Schäuble at the limit


Schäuble and Chancellor Merkel at the EFSF vote in the Bundestag: An increase of Germany's contribution will not give it, he said.
While Schäuble called for more Europe in response to the current crisis, according to him is a different question, however, reached the limit: there is no more money for debt States. "The European rescue package has a cap of 440 billion euros -... Germany accounts for 211 billion and that it was closing up on the interest that would come on top of it yet," Schäuble said the magazine "Super Illu"

In the so-called European stability mechanism ESM, which will replace the EFSF by 2013, there will be less. Then there were a total of 190 billion, would vouch for Germany, including all interest, said the Minister. The responsibility for Germany was clearly defined and limited. "And we have the stability of the euro zone by the very stringent Stability and Growth Pact have significantly improved."

Countries are increasing the EFSF with

A day after the Bundestag, the Bundesrat also yesterday approved the extension given EFSF. This was the last parliamentary hurdle was taken in Germany. The reform of the bailout package is including the actual total lending capacity increased from 250 to 440 billion euros so far. The German guarantees increase of 123 billion euros to 211 billion €.

Westerwelle urges tighter controls

Meanwhile, the debate continues about the handling of highly indebted countries. Federal Foreign Minister Guido Westerwelle called for tighter controls ". Inspection rights and recommendations are not enough countries who want to take in the future, the solidarity of the rescue more in need, in this era of European level allow binding rights of intervention in their budgetary decisions," wrote Westerwelle "Süddeutsche Zeitung".

Steinmeier calls for European Trust Agency

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In the specific case of Greece, pleaded Steinmeier, SPD parliamentary leader for the establishment of a European Trust Agency. This could privatize Greek state assets, he said the "Rheinische Post". "It is not enough, just hang up ever new parachutes. We need to think about new approaches." Was a problem, for example, "that the Greeks have indeed state assets, but right now it could only sell to junk prices," said Steinmeier. An EU Trust could privatize within ten to 15 years Greek state assets.

The CSU MPs and Euro-skeptic Peter Gauweiler other hand holds the withdrawal of Greece from the euro zone is inevitable. "If the Greeks do not sell their want democracy, they must be separated from the euro, at least at the time," he told the "Bild am Sonntag".