Financial Times
June 16, 2011
The German government will not agree to pay any more money to a Greek rescue unless Athens can win parliamentary approval for the conditions of the new programme, including a radical privatisation plan, according to a senior official in Berlin.
Germany wants to reach agreement on all the main elements of a new Greek programme, including how private creditors would be involved, before the next €12bn ($17bn) tranche of finance for Athens is paid in July.
The International Monetary Fund had made it clear that approval in Athens was one condition for paying its €3.3bn share of the latest tranche of support, and Germany shared this view, the official said.
However, the IMF is understood to be ready to pay its share if eurozone finance ministers have agreed all the key elements in the programme, even if they have not finalised all the details.
Berlin says “technical details” of any private participation in the rescue package might take until September to agree. But it was necessary to agree on the “manner of participation”, the official said.
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