June 17, 2011
Angela Merkel has admitted defeat over Germany's plan to force private banks to contribute funds to a new bailout package designed to rescue the Greek economy.
After a meeting with the French president, Nicolas Sarkozy, in Berlin on Thursday, the German chancellor said they had agreed that any contribution from private creditors to the package would have to be voluntary.
"We want the participation of private creditors on a voluntary basis," said Merkel, stressing that there was no legal way in which banks could be forced to play along.
Sarkozy welcomed Germany's change of position, describing it as "a breakthrough".
Merkel and Sarkozy both declined to set a date for the Greek deal to be finalised. But Sarkozy indicated that time was running out. "We want a quick fix … there is no time to waste," he said.
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