Financial Times
May 9, 2011
The German government has played down the prospect of debt rescheduling for Greece, insisting that the onus is on Athens to fulfil the conditions of its existing bail-out programme.
Officials in Berlin refused to spell out what actions they might consider in order to provide further relief to Athens – hit by a further credit downgrade on Monday by Standard & Poor’s – until they see the conclusions of a progress report on the programme.
An increasingly stormy political debate is raging in parliament and the media on eurozone rescue plans.
Wolfgang Schäuble, finance minister, was due on Monday night to address leading parliamentary spokesmen for the ruling Christian Democratic Union and Free Democratic party, its junior partner in power, as Greece’s financial plight threatened to aggravate divisions over the future of the eurozone. On Tuesday, he will address the full CDU parliamentary group in an attempt to reassure backbenchers.
Opponents of further assistance to indebted nations have been vocal in demanding restructuring of Greek government borrowing before any further assistance can be given.
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