Reuters
June 9, 2011
All three parties in Germany's ruling coalition back the government's position on Greece, Finance Minister Wolfgang Schaeuble said on Thursday after proposing private investors should renew their Greek bondholdings.
Schaeuble wrote to the European Central Bank, the International Monetary Fund and his euro zone partners earlier this week and proposed a swap in which private debt holders would trade in their Greek government bonds for new ones, giving Greece an extra seven years to work through its debt.
ECB President Jean-Claude Trichet said earlier on Thursday that Greece must avoid any form of restructuring in tackling its debt crisis, in comments apparently underlining his opposition to such pressure.
"I am not embarking on a dialogue with a particular minister here," Trichet said at the bank's monthly news conference in Frankfurt, emphasizing: "We are not in favor of restructuring ... and so forth. We exclude all concepts which would not be purely ... without any elements of compulsion."
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