January 22, 2012
German Finance Minister Wolfgang Schaeuble said on Sunday the crucial factor in negotiations over a debt-swap plan for Greece was that Athens should by 2020 have a sustainable level of borrowing.
"This goal must be achieved," he told German public broadcaster ARD.
Chief negotiators for Greece's private creditors left Athens on Saturday without a deal on a debt-swap plan that is vital to avert a chaotic default, sources close to the talks told Reuters.
A technical team stayed in the Greek capital to work on details, and negotiations will continue over the phone, but it is unlikely a deal can be clinched before a crucial meeting on Monday of euro zone finance ministers, the sources said.
Asked whether a haircut of 70 percent on Greek debt would be sufficient, Schaeuble said: "It depends on the details. The negotiations are continuing."
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