Germany insists no 'haircut' for Greece
October 16, 2012, Tuesday
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GERMAN Chancellor Angela Merkel's spokesman yesterday ruled out a further debt restructuring, or 'haircut', for Greece and said Athens must press on with tough economic reforms.
"A new haircut is out of the question for the German government," spokesman Steffen Seibert said.
Leading German economic institutes said last week that Greece could not be saved without further debt restructuring. The International Monetary Fund has also said official lenders such as Germany should take a 'haircut' along the lines of that accepted by private bondholders earlier this year.
Seibert reiterated Germany's wish to keep Greece in the eurozone but said Athens must persevere with painful austerity measures to cut its heavy debt load and boost its economic competitiveness.
"A new haircut is out of the question for the German government," spokesman Steffen Seibert said.
Leading German economic institutes said last week that Greece could not be saved without further debt restructuring. The International Monetary Fund has also said official lenders such as Germany should take a 'haircut' along the lines of that accepted by private bondholders earlier this year.
Seibert reiterated Germany's wish to keep Greece in the eurozone but said Athens must persevere with painful austerity measures to cut its heavy debt load and boost its economic competitiveness.
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