February 12, 2012
German leaders kept up pressure on Greece as the struggling euro member moved closer to approving an austerity package designed to stave off economic collapse.
German Economy Minister Philipp Roesler said the lower house of parliament in Berlin could put off a vote for Greek financing this month if the government in Athens and opposition parties fail to approve measures today. Greece has to show that “it’s worth it” to call a meeting, Roesler told ARD public television. Finance Minister Wolfgang Schaeuble told newspaper Welt am Sonntag that Greece “will be saved in one way or another,” though the government has to do its “homework.”
As Greek lawmakers are today debating austerity measures to win approval for a loan, European finance ministers and private creditors this week will decide on a plan to shepherd Greece through a bond sale next month. Still, Schaeuble told German lawmakers on Feb. 10 that Greece was missing deficit goals, suggesting that the measures may fall short in rescuing Greece.
“I’m really wondering now whether so much damage has been done that this marriage no longer can be rescued,” Erik Nielsen, chief global economist at UniCredit SpA in London, wrote today in a note to clients. He predicted that the measures would be approved and that Greece will be able to make a 14.5 billion-euro ($19 billion) bond payment on March 20.
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