Merkel shrugs off new aid package for Greece
By Ingrid Melander and Stephen Brown |
May 11, 2011, Wednesday
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Print Edition
Print Edition
German Chancellor Angela Merkel, Europe's reluctant paymaster, said yesterday she could only discuss further aid for Greece after European Union and IMF officials report on implementation of its existing rescue plan.
Speaking to foreign correspondents in Berlin, Merkel did not rule out additional funding for Athens, or a possible fresh easing of the terms on its 110 billion euro (US$157 billion) bailout, and she voiced confidence that the German parliament would back a permanent bailout mechanism for the euro zone.
"I need to analyze the findings of the European Central Bank, European Commission and International Monetary Fund first and I can't comment before that," she said. "Anything else would not help Greece or Europe.
A source with direct knowledge of the joint inspection mission visiting Athens said EU and IMF officials had not yet concluded whether Greece had met targets required to receive the next tranche of aid under its existing aid deal. He stressed the inspectors were not discussing any new bailout package with Greek authorities.
A senior German lawmaker said earlier there were signs that conditions for the next payment had not been met.
Euro zone markets steadied amid growing expectations that Greece may receive a new aid package to cope with its debt crisis and avert an early restructuring that could force investors to take crippling losses.
But Greek and EU officials dismissed a Dow Jones report that Athens was expecting a 60 billion euro second bailout next month as plain wrong, or at least highly premature, insisting talks on it were only at an exploratory stage.
Analysts said the projected figure of 60 billion euros was merely a reflection of the amount Athens is due to raise on markets in 2012 and 2013 under its current program.
Speaking to foreign correspondents in Berlin, Merkel did not rule out additional funding for Athens, or a possible fresh easing of the terms on its 110 billion euro (US$157 billion) bailout, and she voiced confidence that the German parliament would back a permanent bailout mechanism for the euro zone.
"I need to analyze the findings of the European Central Bank, European Commission and International Monetary Fund first and I can't comment before that," she said. "Anything else would not help Greece or Europe.
A source with direct knowledge of the joint inspection mission visiting Athens said EU and IMF officials had not yet concluded whether Greece had met targets required to receive the next tranche of aid under its existing aid deal. He stressed the inspectors were not discussing any new bailout package with Greek authorities.
A senior German lawmaker said earlier there were signs that conditions for the next payment had not been met.
Euro zone markets steadied amid growing expectations that Greece may receive a new aid package to cope with its debt crisis and avert an early restructuring that could force investors to take crippling losses.
But Greek and EU officials dismissed a Dow Jones report that Athens was expecting a 60 billion euro second bailout next month as plain wrong, or at least highly premature, insisting talks on it were only at an exploratory stage.
Analysts said the projected figure of 60 billion euros was merely a reflection of the amount Athens is due to raise on markets in 2012 and 2013 under its current program.
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