June 9, 2011
German officials are demanding that private investors contribute a “substantial” amount toward any new bailout of Greece and warned that the country faces an “unorderly default” within weeks if an agreement is not reached.
The demand, conveyed to European and International Monetary Fund officials in a letter this week from German finance minister Wolfgang Schauble, came as negotiations over Greece reach a do-or-die stage.
Amid a renewed sense of crisis, IMF and European officials are discussing how to revise and expand aid to Greece. They hope to complete a new program at summit meetings beginning June 20. The country may need more than $100 billion for a new three-year program, including roughly $40 billion to pay bonds coming due in the next year and a half.
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