June 18, 2011
After weeks of brinksmanship over Greece, Germany gave ground Friday, improving the chances that the struggling country will avoid a messy debt default this year that could threaten the stability of the euro currency area.
German Chancellor Angela Merkel dropped her government's insistence on forcing a rescheduling of Greek government bonds, ending a six-week standoff that threatened to halt any more loan payouts to Greece. Instead, she said was open to a voluntary rollover of the country's debt.
The move came as the Greek prime minister reorganized his government, naming a new finance minister to help overcome public resistance and push an austerity package into law.
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