Wall Street Journal
March 7, 2011
he European Union's executive arm is keeping pressure on Germany and others to show flexibility in support for Ireland and Greece, ahead of crucial negotiations on the euro zone's future in coming days.
With leaders of the 17 nations that use the euro set to meet in Brussels next Friday to hammer out the basis of a "comprehensive package" of reform measures, Olli Rehn, the European Union Commissioner for Monetary and Economic Affairs, said Ireland and Greece must not be financially overburdened.
"I see a danger that we might overburden both countries with overly strict credit conditions," Mr. Rehn told Germany's Handelsblatt newspaper, distributed ahead of publication Monday.
He added that Greece's timeline to repay aid loans should be extended to seven years from 3½, the paper said.
Mr. Rehn has consistently called for the EU to consider easing the terms of the loans to Greece and Ireland, reiterating last week that the near-6% interest rates the Irish government must pay on its €67.5 billion ($94.4 billion) package should be debated.
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