In Brussels, the eurozone countries have agreed on an emergency rescue plan for Greece. The plan involves International Monetary Fund assistance supplemented by loans from individual countries.
What effect will it have on Germany? What do economists and entrepreneurs say about the compromise – and what do German voters think? Our reporter Kerstin Schweizer went to find out.
2022. Deutsche Welle. The opening of Germany’s first LNG import terminal is a milestone in the country’s plans to find alternate sources of natural gas. The terminal, floating off the North Sea coast, was built in a record time of just under 10 months.
German Chancellor Olaf Scholz greenlit the LNG projects on February 27 this year — just days after Russian President Vladimir Putin launched the invasion of Ukraine. The facility opened off of Wilhelmshaven is slated to feed an estimated 6% of Germany’s gas demand into the energy grid each year.
German authorities are stepping up preparations for emergency cash deliveries in case of a blackout to keep the economy running, four people involved said, as the nation braces for possible power cuts arising from the war in Ukraine.
The plans include the Bundesbank, Germany’s central bank, hoarding extra billions to cope with a surge in demand, and possible limits on withdrawals, one of the people said.
The cut in Russian gas supplies has Germany enacting the second phase of their gas emergency plan. What do these plans entail?
On 23 June, Germany triggered the second stage of their emergency gas plan in response to the cut in Russian gas supplies since 14 June and the high price levels. A gas crisis team, which was already set up when the first emergency level was declared in late March, meets daily to monitor and assess the situation.
While the security of supply is currently still guaranteed, “the situation is tense”, according to the German Federal Ministry for Economic Affairs and Climate Action. If the Russian gas supply remains low, it will complicate achieving storage level targets by winter. Federal Minister for Economic Affairs and Climate Protection Robert Habeck called the current situation “serious”, referring to gas as a “scarce commodity”.