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Greek bailout hangs in balance
Source: Bloomberg News |
September 29, 2011, Thursday
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Print Edition
Print Edition
GERMAN Chancellor Angela Merkel has signaled policymakers may review continuing Greece's bailout after international debt inspectors decide whether the country is meeting the terms of its current aid package.
Greece's "numbers in September, as it now seems, were again different from what we expected under the program," Merkel told a Greek broadcaster yesterday when asked whether the second bailout agreed by European leaders on July 21 will be revised.
"We must now await what the expert mission, finds out and tells us - do we need to renegotiate or don't we need to renegotiate?" Merkel said. "What we would like the most, of course, is that the numbers stay as we know them."
She added: "We want a strong Greece in the euro area and Germany is ready to offer all kinds of help."
Experts from the European Commission, European Central Bank and International Monetary Fund are returning to Athens today. Eurozone finance ministers will hold an extra meeting on Greece in October amid international concerns that a default could plunge the global economy into recession.
Otmar Issing, the ECB's former chief economist, has told a German magazine if Greece fails to repay all its debt it will have to leave the eurozone. He said the country needs to write down its debt by at least 50 percent.
Commission spokesman Amadeu Altafaj said the restart of the so-called troika review will "constitute an important step toward achieving the 2012 agreed fiscal target and putting the Greek public finances on a sustainable footing."
Greece's "numbers in September, as it now seems, were again different from what we expected under the program," Merkel told a Greek broadcaster yesterday when asked whether the second bailout agreed by European leaders on July 21 will be revised.
"We must now await what the expert mission, finds out and tells us - do we need to renegotiate or don't we need to renegotiate?" Merkel said. "What we would like the most, of course, is that the numbers stay as we know them."
She added: "We want a strong Greece in the euro area and Germany is ready to offer all kinds of help."
Experts from the European Commission, European Central Bank and International Monetary Fund are returning to Athens today. Eurozone finance ministers will hold an extra meeting on Greece in October amid international concerns that a default could plunge the global economy into recession.
Otmar Issing, the ECB's former chief economist, has told a German magazine if Greece fails to repay all its debt it will have to leave the eurozone. He said the country needs to write down its debt by at least 50 percent.
Commission spokesman Amadeu Altafaj said the restart of the so-called troika review will "constitute an important step toward achieving the 2012 agreed fiscal target and putting the Greek public finances on a sustainable footing."
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