Financial Times
July 13, 2011
Germany is firmly resisting attempts by some of its eurozone partners to accelerate negotiations on a new Greek rescue package in a bid to calm financial markets and to reverse contagion spreading to countries such as Italy and Spain.
Berlin on Wednesday made it clear that it sees no pressing reason to hold an emergency European summit at the end of the week. German officials also insist there is no immediate urgency to finalise the Greek deal before September, although they agree that it should be done “quickly”.
Senior European Union officials, including Olli Rehn, the EU’s economic chief, have been pushing for a quick deal on a new €115bn Greek bail-out, arguing that market uncertainty over German insistence that private bondholders should pay for a portion of the rescue is fuelling the bond selloffs in other EU peripheral countries, particularly Italy and Spain.
Senior French officials were particularly angered, with one saying Berlin was not moving urgently enough to stem the crisis.
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