Juncker expects the sixth tranche of aid to Greece to be approved before December

Juncker expects the sixth tranche of aid to Greece to be approved before December

  • The finance ministers of the euro zone could agree to the disbursement in the meeting that they will keep on November 29.
  • Before the political parties of Greece must put in writing their willingness to undertake the cuts requested by the eurozone.
  • The president of the Eurogroup, Jean-Claude Juncker, has met with his Greek counterpart, Lucas Papademos, to talk about the crisis.
Reunión en Luxemburgo

The Greek Prime Minister, Lucás Papademos (d), poses with the president of the Eurogroup, Jean-Claude Juncker. EFE / CHRISTOPHE KARABA

The president of the Eurogroup, Jean-Claude Juncker, is "optimistic" about the execution of the sixth stage of aid of the first rescue to Greece.

Juncker believes that the Greek political forces will reach an agreement to put in writing their willingness to undertake the cuts requested by the eurozone, a step before the finance ministers of the euro zone agree on the disbursement at the meeting they will hold on November 29. . The also prime minister of Luxembourg, received on Tuesday his Greek counterpart , Lucas Papademos, to discuss the debt problems.

According to the Eurogroup president, "Prime Minister Papademos was not expected to have the letter" from the Greek parties today, although he said he was "sure" that the Greek authorities will deliver it before November 29. In a press conference after the meeting, both Juncker and Papademos agreed that it is necessary for the Hellenic Executive to continue on the path of austerity in order to clean up their accounts.

The Greek Prime Minister recalled that his Government, despite having a "provisional" character, has "strong support from the population." In this way, Papademos will call elections when he has put in place all the necessary policies, although he declined to put a precise date to the elections. The head of the Greek government met Monday in Brussels with the presidents of the European Council, Herman Van Rompuy, and the European Commission, José Manuel Durao Barroso, as well as with the European Commissioner for Economic Affairs, Olli Rehn.

Eurobonds, to debate

Juncker and Papadimos have also talked about the forgiveness of 50% of Greek debt in private hands that is part of the second rescue, which will amount to 130,000 million euros . Also, both leaders referred to the publication on Wednesday of an EC proposal to create European debt securities, better known as Eurobonds and called by the EU executive "stability bonds".

According to Juncker, there are "arguments in favor" of unifying the debt of the euro countries, but this will not mean "a short-term solution" to the problems that afflict the European periphery, since its implementation would be slow. In the same vein, the head of the Greek government expressed himself, for whom "Eurobonds could be a measure to correct" the problems , although they would not be available until after some time, possibly several years.

Juncker avoided positioning more concretely until the details of the Commission proposal are known, but added that he is aware that in Germany the idea of ​​Eurobonds "does not like spontaneously".

The role of the ECB

The German Chancellor, Angela Merkel, and several members of her government have publicly and repeatedly expressed their total opposition to the creation of these titles , which would increase the borrowing costs of her country and would, in her opinion, provide an incentive for countries do not put their finances in order.

Germany is also the main opponent to the European Central Bank carrying out programs of massive purchase of bonds of those countries victims of speculative attacks or of the lack of confidence of the markets , like those rescued Greece, Portugal and Ireland, or others, as Italy or Spain. "I think the president of the Eurogroup should not give public lessons on central bank management," Juncker responded when asked about his position on a possible entry of the ECB into the debt markets as a lender of last resort.

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Kiel – In Germany much is inherited. But often the heirs do not know where to go with the money or where and how best to invest it. Because in many cases, the additional money is not needed or is not immediately used. Since interest rates on term money and overnight money accounts are currently very low, experts recommend investing most of the inherited money in funds.

Image: Couple with a consultant

Not every heir can count on a large sum. But even a legacy of 100,000 euros and more is not uncommon in Germany. Anyone who has inherited such a sum suddenly wonders: where to go with the unexpected fortune? “First of all, it’s about accepting the money internally,” says Ute Voß from Kiel, who works as an independent financial advisor and financial coach. “Many feel that they have not earned an inherited fortune.” Before she develops any proposals for the investment, Voss first looks at the specific case. So: What is the personal life situation – is it about a self-employed person or an employee, are there children or do you have to pay off debts? If the money is not needed in the next few years, for example, to pay off a real estate loan, it should be created. “For call money, there is only a meager 0.5 percent interest a year and they are also nibbled by inflation.”

Avoid losses

Anyone who does nothing thus makes losses: “On the daily or fixed-term account, the assets are currently less,” says Prof. Max Otte of the University of Applied Sciences Worms. There, investors should only park money they need in the next five years. From a legacy of 200 000 euros, he would leave a maximum of a quarter on the time deposit account. “Half of the remainder would be invested in two global equity funds and two mixed funds.” A diversified portfolio also recommends the specialist book author Markus Neumann. “German stocks should not take up too much space in the portfolio.” A classic portfolio consists of stocks and bonds, plus some commodities and precious metals. “These are all liquid investments that you can sell again.” The key question is: how high should the share in the value of fluctuating investment forms be? In addition to equities, these include commodities and gold.

Equity Funds Vs. Classical stable investments

“Classic value-stable investments such as bonds have a very low interest rate,” explains Neumann, who has also written a book for Stiftung Warentest. As a return-maker, fluctuating values ​​are therefore indispensable. The longer the investment horizon, the sooner the investor can take advantage of fluctuations. Therefore, it is crucial for the right mix, when the money is needed: “Who needs the money after ten years to 100 percent, should not put everything in shares.” After all, equity funds have generated an average annual return of 6 percent over the past five years. “The trick is to step in staggered,” explains Otte. He would pay 12,500 euros to each of the four funds every six months. After one and a half years, everything was laid out: “First of all you only go down to your knees into the water and not upside down.” Financial adviser Voß also encourages clients with an investment horizon of around seven years to invest in widely diversified funds. After all, hardly anyone has the time to look at each company themselves.

Funds promise a higher return

Mixed funds include not only shares but also other asset classes such as bonds or liquidity. This allows the fund manager to react to market developments. Otte advises against pure bond funds: “I would leave the decision on the loan portion in the portfolio to the professionals.” Instead, investors should rather different funds compete against each other. “Personally, I prefer managed funds,” says Voß. “I look at the personality of the fund manager and if he has a knack for it.” While mixed funds are always actively managed, equities also have unmanaged index funds. These so-called ETFs simply depict a stock index and therefore do not require a manager. Investors can handle such high fees: “Most managed funds do not fare better than the market,” says Neumann. The author would invest a larger sum in three to five index funds, each representing international stock indices such as the MSCI World.

Securities funds are the right choice for long-term investments. But where can investors buy the right funds? In principle, there are three possibilities for this: with the bank consultant, with an independent broker or on your own via an online depot. “Anyone who goes to the bank and buys two to three managed funds there does not always do anything wrong,” says Neumann. But the procedure is still far from optimal. “I recommend a deposit with a direct bank,” says the financial expert. “If you do not want to manage your investment yourself, you can leave that to a Robo-Advisor.” These financial service providers charge only a small fee and automatically weight the portfolio according to the customer’s ideas. “If you do not have a computer, you should ask your bank adviser specifically for ETFs.” Bank customers should insist on these products even if the consultant expresses reservations.

 

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Karlsruhe – The economic information file Schufa does not need to educate consumers on how to accurately calculate their creditworthiness. Statements that allow conclusions to Schufa’s calculation formulas are part of the trade secret and need not be communicated, the Federal Court of Justice (BGH) ruled in a verdict announced on Tuesday. (Az: VI ZR 156/13)

 

Picture: Schufa

The plaintiff in the main proceedings had wanted to buy a car and finance it through a loan from BMW’s house bank. This succeeded but because of initially proven false Schufa information only in the third attempt. Therefore, she wanted to know fundamentally about the data transmitted by the Schufa beyond her so-called score value, how this value came about.

The plaintiff relied on the Data Protection Act. It states that information files must explain to the persons affected “the formation and significance of the probability values ​​on a case-by-case basis and comprehensibly in a generally understandable form”.

According to the judgment, however, this duty to inform is limited by the trade secret of Schufa, which is also protected under EU law, and the organization is therefore not required to give details of how it weighs the underlying values ​​in detail.

According to the judgment, the Schufa only has to provide information about which personal and credit-relevant data have been stored with it and included in the calculation of the probability values. This information was given by the Schufa. In addition, the applicant was informed of the data transmitted to third parties in the last 12 months, of the probabilities currently calculated and of the data used to calculate the probabilities.

According to its attorney, Schufa annually provides some 680,000 information to banks, online retailers or other companies about the creditworthiness of consumers. For this purpose, the Schufa claims to use a stock of over 66 million records, which it gets from business partners such as financial institutions, insurance or telecommunications companies.

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