We cant wait too long, said Peter Voser, chief executive officer of Royal Dutch/Shell Plc. Its two minutes before midnight.
By Simon Kennedy and Simone Meier – Jan 25, 2012 12:52 PM GMT
Europe must show more resolve to fix the debt crisis as officials race to draft rules governing the euro and bridge widening difference over how to keep Greeces finances afloat, said delegates at the World Economic Forum.
We cant wait too long, said Peter Voser, chief executive officer of Royal Dutch/Shell Plc. Its two minutes before midnight.
Executives and officials are meeting in Davos, Switzerland as bond markets show signs of stabilizing after the European Central Bank last month pumped three-year emergency funding into a banking system that was in danger of seizing up. At the same time, governments, investors and the International Monetary Fund are split on how to restructure Greek debt less than two months before a potential default.
IMF Managing Director Christine Lagarde said today that Greeces public creditors will have to participate with investors. Two people familiar with the stance of the ECBs Governing Council said the central bank is opposed.
There has to be a lot more work done, David Rubenstein, the co-founder of private-equity firm Carlyle Group, said in an interview in Davos, Switzerland.
Davos attendees will hear from German Chancellor Angela Merkel at 5:25 p.m. local time when she delivers the forums opening speech. ECB President Mario Draghi will be in town on Jan. 27.
All Clear?
Delegates warned its too soon to sound the all clear on Europe even after the ECBs decision to pump emergency cash into the banking system staved off a bond market rout in the region.
The ECBs measures have relieved the liquidity problems of European banks but didnt cure the financing disadvantages highly indebted countries suffer, billionaire investor George Soros told reporters in Davos today. Half a solution isnt enough.
The views dovetail with the findings of a Bloomberg Global Poll, conducted Jan. 23-24. Almost half of respondents identified the euro area as one of the worst to invest in and 67 percent predicted the crisis will deepen. Draghi nevertheless won plaudits with 70 percent saying they had a favorable view of him.
Im convinced hell do whatever is necessary to fend off the crisis, Urs Rohner, chairman of Credit Suisse Group, said in an interview.
Greek Snag
Europes drive to end the crisis has hit a snag as governments and investors struggle to reach an accord over how to cut Greeces debt levels. European officials are demanding that private bondholders take deeper losses, while banks argue that all holders of Greek debt, both public and private, should contribute. Failure to reach agreement could mean Greece will struggle to make a bond payment on March 20.
No one wants to be the only one feeling the pain, said John Veihmeyer, chief executive for the Americas at KPMG, the global accounting and professional services firm.
The ECB began buying Greek bonds in May 2010 and Barclays Capital estimates it now holds about 36 billion euros ($46.6 billion) worth of bonds.
Some observers in Davos say leaders are refusing to grasp more dramatic measures.
This year is decisive for making decisions, said German Gref, chief executive officer of OAO Sberbank (SBER03), Russias largest bank. It would be considerably more rational for Greece to quit the eurozone. For Greece it will mean a gradual accelerating of its economy, restoring its competitiveness.
Merkel Speech
Delegates will listen to Merkels speech for any sign shes shifted her stance on euro bonds to help out the regions most indebted countries as Europe pushes ahead with her plan to lock in stricter debt and deficit limits.
While Merkel said that joint euro-area bonds are no solution to the current crisis in an interview published today with European newspapers including Germanys Sueddeutsche Zeitung, she reiterated that European countries might consider more joint liability once we have achieved much deeper integration, according to an e-mailed transcript.
We took an important step by discussing reasons of the crisis in an honest manner, German Labor Minister Ursula von der Leyen said in an interview. A single currency means a joint budget discipline. That has been accepted. In the medium to long term, confidence in Europe will only be re-established if we prove that were competitive.
To contact the reporters on this story: Simon Kennedy in Davos, Switzerland at [email protected] Simone Meier in Davos, Switzerland at [email protected]
To contact the editor responsible for this story: John Fraher at [email protected]
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Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
