Reuters
January 9, 2012
Germany and France warned Greece on Monday it will get no more bailout funds until it agrees with creditor banks on a bond swap and pressed for an early deal to avert a potential default in the euro zone's most debt-stricken nation.
Chancellor Angela Merkel and President Nicolas Sarkozy, the euro zone's two leading powers, insisted after talks in Berlin that private sector bondholders must share in reducing Greece's debt burden, along with new European and IMF lending.
They rejected both a call by a European Central Bank policymaker to abandon plans to make private investors take losses, and a leaked International Monetary Fund memo that cast doubt on Athens' ability to reform its public finances.
"We must see progress on the voluntary restructuring of Greek debt," Merkel told a joint news conference. "From our point of view, the second Greek aid package including this restructuring must be in place quickly. Otherwise it won't be possible to pay out the next tranche for Greece."
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