May 10, 2011
Ignoring mounting criticism from Greece and Ireland over the terms of their bailouts, Chancellor Angela Merkel of Germany refused Tuesday to commit her country to any changes and insisted that “bold reforms” were the only way to make their economies stronger.
Debt-ridden Greece wants international lenders to further ease terms of the 110 billion euro, or roughly $160 billion, bailout granted a year ago by the International Monetary Fund and the European Union. It will most likely need additional assistance to plug a 27 billion euro hole next year.
On Tuesday, a day after Standard & Poor’s cut Greece’s credit rating again, the country sold 1.62 billion euros of six-month treasury bills at 4.9 percent, up from 4.8 percent in April.
The Irish government, meanwhile, is watching to see what concessions Greece might win in hopes of softening Ireland’s 85 billion euro rescue package.
But Mrs. Merkel, as leader of Europe’s strongest economy and the biggest contributor to the rescue package, gave no indication that Germany would be willing to grant more aid — and certainly not at a meeting of European finance ministers next week.
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