New York Times
June 8, 2011
Putting Germany at odds with the European Central Bank and the French government, Berlin has proposed extending the maturities on Greek bonds by seven years, insisting that private investors must share in the cost of any fresh financial aid to Greece.
The German finance minister, Wolfgang Schäuble, in a letter to his European counterparts as well as to the International Monetary Fund, the E.C.B. and the European Commission, who will meet June 20 to discuss aid, wrote: “Any additional financial support for Greece has to involve a fair burden sharing between taxpayers and private investors and has to help foster the Greek debt sustainability.”
Mr. Schäuble added that any deal to support Greece at the meeting would have to “lead to a quantified and substantial contribution of bondholders to the support effort” and would “best be reached through a bond swap leading to a prolongation of the outstanding Greek sovereign bonds by seven years.” The letter was dated Monday and released Wednesday.
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