June 8, 2011
Berlin has stepped up its battle to forge a financial rescue plan for Greece that will involve private creditors, aiming to win the backing of the German parliament and bondholders without infuriating the European Central Bank.
Angela Merkel, German chancellor, and Wolfgang Schäuble, her finance minister, were locked in talks on Wednesday night, trying to agree a negotiating mandate for the package with potentially rebellious government supporters in the Bundestag.
Both Christian Democrat and Free Democrat members of parliament demand the involvement of private creditors in any further Greek rescue and want the Bundestag to have the right to vote on any financial assistance.
Talks with both groups in the ruling coalition were convened within hours of Ms Merkel’s return from Washington, where she was urged by Barack Obama, the US president, to take the lead in resolving the Greek debt crisis.
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