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Merkel won't support Greek debt reduction

Thursday, July 18, 2013 - 01:07

July 19 - German Chancellor Angela Merkel says she does not support a haircut for Greece’s debt, a day after Finance Minister Wolfgang Shaeuble told Greece to stop lobbying for debt forgiveness. Rough cut only, no reporter narration.

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German Chancellor Angela Merkel says she doesn't support a writedown of Greece's debt, saying it would seriously unsettle investors. (SOUNDBITE) (German) GERMAN CHANCELLOR ANGEL MERKEL SAYING: "I have said repeatedly that I don't see a debt haircut for Greece" She made the comments at a news conference in Berlin ahead of the summer break. (SOUNDBITE) (German) GERMAN CHANCELLOR ANGELA MERKEL SAYING: "If there this kind of debt haircut were to take place in the euro zone, then I would like you to consider the consequences, whether someone else would then request a haircut, and according to what criteria. That could lead to massive uncertainty for all investors in the euro area, and that would call into question again everything that we have done in the past few years." It comes a day after Wolfgang Schaeuble visited Athens and warned Greece to stop lobbying for a second restructuring of its debt following a restructuring last year that imposed massive losses on private holders of Greek bonds. He did however say that more help could be discussed next year if Athens met its targets. Germany in recent weeks has repeatedly ruled out a writedown of Greece's debt, although critics believe the government is simply trying to hold off discussion until its election. Athens has so far avoided bankruptcy thanks to more than 240 billion euros in aid from the 'troika' of IMF, European Central Bank and European Commission.

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Merkel won't support Greek debt reduction

Thursday, July 18, 2013 - 01:07