Germany Faces Highest Insolvency Rate Ever + No Break for German Economic Woes

DW-World ^ | November 11 2002

[knighthawk]

The number of German firms declaring insolvency in 2002 has reached a new high. In the first half of 2002, close to 185,500 firms claimed insolvency, a 25-percent increase over the same period last year. In an interview with the "Süddeutsche Zeitung" newspaper, the head of Creditreform -- an international organization that helps protect German firms from bad debts -- firms in the construction, retail and consumer service industries have been the worst effected.

No Break for German Economic Woes

Germany’s dire economic outlook looks set to continue. The country's "Council of Wisemen," five independent academics who advise the government on economic policy, will warn of slower-than-expected growth when they issue their latest annual report on Wednesday.

According to government sources quoted by the "Süddeutsche Zeitung" newspaper in its Monday issue, the council will report growth of just 1 percent in 2003 -- down markedly from the original prognosis of 1.4 percent. But Berlin has been less pessimistic about the chances for economic growth in 2003 and is forecasting a 1.5 percent increase.

The experts more skeptical reckoning stems from a more cautious perception of developments in the German labor market. The government currently forecasts there will be, on average, 4.05 million unemployed people in Germany next year. The country's current number of jobless is just over 3.9 million.

http://dw-world.de/english/0,3367,1431_A_673520_1_A,00.html

[knighthawk]

Europe-list

If people want on or off this list, please let me know.

[lormand]

Perhaps German businessmen can invest in building Mosques? Mosque building is booming in Germany.

[NC Conservative]

I thought this was not supposed to happen in socialists countries

[Joe Boucher]

Good. And I know I'm not buying anything german if I can help it. Thanks for the backing there FRITZ.

[facedown]

The country's "Council of Wisemen," five independent academics who advise the government on economic policy...

Well there's their first mistake!

[Pushi]

I love it.

[knighthawk]

It's all the kapitalistist pigs their fault! Don't you know?

[Toidylop]

I thought this was not supposed to happen in socialists countries

Surprised!!!... what was the old saying "You reap what you sowed"

[sarasmom]

I see my boycott of all German beers is working.hehehe

[xJones]

Perhaps German businessmen can invest in building Mosques? Mosque building is booming in Germany.

Yes, just imagine all those German girls running aroung in black drapes, escorted only by male relatives.

Islam uber Deutchland, roll over Martin Luther.

[DB]

The amazing thing is we weren't asking for their help.

When he trashed us it was purely for political points with the local America haters. No one was asking for Germans to risk anything.

Many Americans now have bitter feelings about Germany and don't want to do business with them if it is a choice.

Was it worth it?

[pepsionice]

Schroeder is a dim-wit. Anything to win type attitude. He is great in front of a camera and making nice speeches. But the guy has no back-bone and certainly no understanding of the big picture.