Germany would be “ill-advised” to allow the euro zone to break up, Adam Posen, a member of the Monetary Policy Committee at the Bank of England said in an interview with the BBC.
It is in Germany’s commercial and economic interest to restructure the debt of euro-zone countries in trouble, Posen said, according to the transcript of an interview released by the broadcaster yesterday. The debt crisis is the result of decisions by the Germans who acted similarly to sub-prime lenders in the US, he added in the interview.
“It was German government decisions and German banks who lent the money to all these countries so they could buy German exports,” said Posen. Germany has “been running a scheme and so just as everywhere around the world you want to restructure the debt, you can’t make it all on the borrower.” Lenders have to “take a hit” as well, he said.
http://www.bloomberg.com/news/2012-08-21/germany-ill-advised-to-let-euro-split-up-posen-tells-bbc.html
Melilla border police beefed up, mass migration feared
1000 migrants ready to enter Spanish enclave
(ANSAMed) - MADRID, AUGUST 21 - Authorities have beefed up police presence at the border between the Spanish city of Melilla and Morocco, where hundreds of Sub-Saharan migrants are trying to make the crossing into Europe, Spanish media reported Melilla government officials as saying on Tuesday.
About 1,000 people willing to risk arrest in hopes of a better life are currently massed at the border, according to estimates by local authorities.
Approximately 60 people managed to push their way through the barrier when 500 migrants stormed the double metal fence separating the 10-square-km border area on Saturday. Guardia Civil gendarmes protecting the Spanish enclave within Morocco flew a helicopter over the area yesterday in an attempt to dissuade the migrants. The situation is similar to that of the summer and fall of 2005, when thousands of migrants massing at Spanish borders in Ceuta, Melilla and the Canaries repeatedly stormed the crossings and at least 3.500 people made their way through, local media said.
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