Finance Minister Schäuble earlier asserted that the Greek crisis will have no serious consequences for the federal budget. However, President of the German Federal Bank Jens Weidmann views the situation in a different way. Greece’s withdrawal from the Eurozone is likely to create huge ‘holes’ in the federal budget planned by German Finance Minister Wolfgang Schäuble (CDU). Last Wednesday,... 

German Finance Ministry spokesman Martin Jaeger. Germany has ruled out any restructuring of Greece’s debt to international creditors, despite a report by the International Monetary Fund (IMF) which shows the cash-strapped country is in dire need of debt cancellation. An analysis by the IMF, which was released in Washington on Thursday, showed that Greece needed an extra EUR 50 billion (USD 56 billion)... 

A machine on an assembly line grabbed a worker and thrust him against a metal slab, causing lethal injuries. The tragedy occurred at a plant belonging to German automaker Volkswagen (VW) in Baunatal, on Monday. A 21 year old man, who is not an employee of the plant, was assembling the robot for a new motor production line, according to the Local.de. His Meissen-based company had built the machine... 

The Hejhal family is in shock. After Pentecost they received the notice of termination of renting contract of their apartment. So called refugees will move into the family’s former home. Now, the family of eight has no choice but to quickly find a new home, as they unexpectedly and without sufficient time to react, received a termination notice. The city Niederkassel, as landlord of the family’s... 

Greece has announced the temporary closure of banks and stock market as leaders of the US and Germany weigh in on the country’s debt crisis. The Bank of Greece has recommended a “bank holiday and restriction of bank withdrawals” on Monday, Greek Prime Minister Alexis Tsipras announced in a statement on Sunday. Athens stock market would also stay closed and capital controls are to... 

Most of the 38 victims of a terror attack on a beach resort in Tunisia were white Europeans, most from Britain, the country’s Prime Minister Habib Essid has told a news conference. Mr Essid said victims of the shooting rampage at a resort in Sousse were also from Germany, Belgium and other countries. The British Prime Minister David Cameron warned that the public needs to be prepared for the fact... 

Left-wing German politician and former finance minister Oskar Lafontaine had some harsh words for the US on its politics concerning Russia and Ukraine. He has also called on the EU to oppose Washington. In a Facebook post which cannot be quoted fully quote due to strong language, Lafontaine, whose latest political post was co-chairman of the democratic socialist party The Left, called US Defense Secretary... 

A truck manufactured by Germany’s MAN SE. The company has decided to lay off 1,800 jobs. Germany’s MAN SE has decided to lay off as many as 1,800 jobs in the next two years as part of its cost-cutting policies. The respected truck maker said in a statement that it plans to “realign” some its divisions in Germany, Austria and Poland “avoiding duplication of work … streamlining its indirect... 

The cost of global war in the year 2014 reached $14.3 trillion, or 13.4 percent of the global gross domestic product, a report by the Institute for Economics and Peace says. Last year, the cost of global conflict equaled the combined economies of Britain, Germany, France, Brazil, Canada, and Spain, according to a recent report by the Australia-based group. The statistics mark a 15.3-percent spike... 

A champion of the United States of Europe concept, famed German businessman Reinhold Würth is concerned that Europe divided within itself will be torn apart by the United States and China, Neue Zürcher Zeitung reported. Not surprisingly then, Würth wants to see greater integration of the European Union. In line with clear thinking, gaining more ground in the West, the businessman expressed a lot... 

US President Barack Obama has lashed out at his Russian counterpart Vladimir Putin, saying he is destroying the country’s economy in order to recreate the Soviet empire. During a speech to world leaders at the G7 summit in Germany, Obama attacked Putin over the Ukraine crisis. “Does he continue to wreck his country’s economy and continue Russia’s isolation in pursuit of a wrong-headed desire... 

The Foreign Intelligence Service (SVR) is reporting today that President Barack Obama made a highly secret nighttime visit to Boston on Tuesday (2 June) where he met with US Air Force surgeons and medical personal fighting to save the life of US Secretary of State John Kerry who was gravely wounded this past Sunday (31 May) during a gun battle with what has been described as Islamic State of Iraq... 

Germany and France are now preparing to jointly develop a new main battle tank, the Leopard 3, to replace its ageing Leopard 2 military vehicle by around 2030, which would be able to compete with Russia’s next-generation Armata tank, recently showcased at the Victory Day parade commemorating the end of World War Two in Moscow. The German Defense Ministry has announced its plans for the “Leo... 

Noise heard across the globe for nearly a DECADE – but nobody has an explanation. A mysterious noise from the sky is continuing to baffle people all over the world, as well as giving those who hear it sleepless nights. Sounding like a trumpet or a collective from a brass section of an orchestra, a selection of videos shot from the Canada to Ukraine, via the U.S., Germany and Belarus show strange... 

The EU’s executive body is to unveil radical new proposals on immigration, imposing migrant quotas on the 28 countries of the union under a distribution “key” system set by Brussels. The plan, which is supported by Germany and will be fiercely resisted by the new Conservative government, will be launched by the European commission on Wednesday in response to migrant boat crisis in the Mediterranean. The...