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BREAKING
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation

Germany fears inevitable bankruptcy amid energy crisis

  • By Al Mayadeen English
  • Source: Agencies
  • 16 Sep 2022 12:59
  • 6 Shares
3 Min Read

The Bundestag calls on the country to negotiate with Russia 'with an open mind', as anti-Russian sanctions begin to take their toll on the deteriorating economy and energy scarcity.

  • x
  • German Bundestag (deutschland.de)
    German Bundestag (deutschland.de)

In a tweet on Thursday, German left-wing politician and chairman of the Bundestag committee on energy, Klaus Ernst, referenced statements by Chancellor Olaf Scholz that the sanctions should not hit Europe harder than Russia itself: “We have now imposed seven packages of sanctions and Gazprom is making record profits. At the same time, we are threatened with a wave of bankruptcies. Therefore: negotiate with Russia with an open mind".

The largest EU economy is anticipated to contract in 2023, as gas and electricity prices continue to skyrocket. According to the Ifo Institute for Economic Research, the Munich-based think tank, the ongoing energy crisis as a result of the war in Ukraine is “wreaking havoc” on the German economy and they project it could lead to a 0.3% drop in GDP next year.

The CEO of Deutsche Bank, Christian Sewing, previously stated that “as a result, we will no longer be able to avert a recession in Germany. Yet we believe that our economy is resilient enough to cope well with this recession — provided the central banks act quickly and decisively now,” noting that for now, many in Germany still have pandemic savings to fall back on in order to meet skyrocketing energy costs, while most companies remain "sufficiently financed".

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However, Sewing warned that “the longer inflation remains high, the greater the strain and the higher the potential for social conflict.”

The German government approved August 4 a €65 billion relief package, which includes continued cheaper public transport and tax breaks for energy-reliant companies, as they have been affected the most by the biggest surge in prices.

According to the Federal Statistical Office, Germany's inflation rose to almost 8% in August after declining slightly in the months of June and July.

German politician and fellow left-wing, Sahra Wagenknecht, condemned the government for dragging the country into a full-blown “economic war” with Russia who happened to be its top energy supplier, while she referred to the Bundestag concerning the fatal impacts that the Russian sanctions have on Germany.

The Bundestag warned that Germany's economic health is at stake considering the spiraling of energy prices out of control, which will serve as “a reminder of the good old days,” followed by Wagenknecht urging for the cancellation of restrictions and engaging in talks with Moscow.

  • Bankruptcy
  • Olaf Scholz
  • Russia
  • Germany
  • energy
  • EU
  • Gazprom
  • klaus ernst
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

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