Wall Street Journal
February 3, 2012
Germany is coming under increasing pressure to support involving the European Central Bank directly in efforts to restructure Greek debt and many want Berlin to back a larger firewall for the euro zone.
Both responses would be wrong, says German Economy Minister Philipp Rösler. Instead, Europe needs to keep up the pressure on Greece to implement reforms, conclude a plan to involve private-sector investors in restructuring Greek debt, and promote economic growth in Europe.
WSJ reporters William Boston and Andreas Kissler spoke with Mr. Rösler in his Berlin office.
WSJ: What do you expect from the talks with Greece this week?
Mr. Rösler: I expect that together with Greece we will find a solution to assure the sustainability of Greece’s debt. This will require appropriate involvement of private-sector lenders as well as reforms in Greece, which must then actually be implemented.
WSJ: To what extent is Germany prepared to accept the involvement of public lenders and the European Central Bank in a haircut on Greek debt and is Germany willing to discuss increasing loans for Greece?
Mr. Rösler: That is not currently an issue for us. Neither one nor the other.
WSJ: But is there any way to avoid greater involvement of public-sector lenders?
Mr. Rösler: The current discussion is primarily about private-sector involvement. European states and their taxpayers already make a massive contribution to the restructuring process in Greece through their support efforts.
WSJ: How long can you remain patient with Greece
Mr. Rösler: We have to wait for the Troika report. Any further decisions depend on its conclusions.
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