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Gold/Mining/Energy : Gold Price Monitor
GDXJ 99.85+6.2%Nov 24 4:00 PM EST

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To: Bobby Yellin who wrote (29898)3/14/1999 9:30:00 AM
From: goldsnow  Read Replies (1) of 116764
 
Lafontaine blames 'poor
teamwork'

Gerhard Schröder has been warned over looking to the right

Former German finance minister Oskar Lafontaine has
blamed poor "teamwork" for his decision to quit the
Government.

In his first public comments since his surprise
resignation on Thursday, Mr Lafontaine said: "The
reason for my resignation is the poor teamwork that we
provided in the last few months. When the team doesn't
play well together, the team has to be rebuilt."

He referred to criticism of his controversial business
taxation policies from with the ruling SPD-Green
coalition as an example of a lack teamwork in the
Government.

"Teamwork requires that you watch out for each other
and that you stick together, especially in public, and that
there is a spirit of teamwork.

'Heart is on the left'

Suggesting that disagreement over ideological direction
was also at the heart of a fallout between himself and the
Chancellor Schröder, Mr Lafontaine warned his Docial
Democratic Party that "the heart lies on the left, not in
the stock exchange."

"I wish the new team success in their work with Gerhard
Schröder," Mr Lafontaine added. Mr Schröder, the
German Chancellor, named Hans Eichel as the country's
new finance minister on Friday.

He has been in seclusion at his Saarbruecken home
after having refused to discuss his resignation with the
chancellor, emerging on Sunday for an interview with a
german television station.

Mr Lafontaine, nicknamed 'Red Oskar' by some for his
leftist leanings, has been at odds with German business
and some within his own party over 'anti-business'
policies which would have seen corporate taxes raised.
He was also outspoken on interest rates, leading calls
for the European Central Bank to cut eurozone interst
rates.

In the wake of Mr Lafontaine's departure, the German
Government has signalled a watering down of his
controversial tax plans.

Economic minister Werner Mueller said he expected the
new tax bill, which also allows for a new energy tax and
the closure of favourable tax loopholes for firms, would
reduce a proposed 40% corporate tax rate to "35% at
the most".
news.bbc.co.uk
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