August 23, 2011 / 10:00 AM / 8 years ago

German minister: euro zone bailouts need collateral

BERLIN, Aug 23 (Reuters) - German Labour Minister Ursula von der Leyen — who is also a deputy president of Chancellor Angela Merkel’s Christian Democrats (CDU) — said on Tuesday that future euro zone bailout payments should be covered by collateral such as gold reserves or stakes in state industry.

Von der Leyen, wading into the debate about Finland seeking collateral from Greece for the Finnish contribution to existing bailout payments, told German public broadcaster ARD that future bailouts should only be made against collateral, according to a news release from ARD.

“Several states are making big efforts to service their debt. This must be honoured. But to keep up those efforts in the long term, collateral is needed,” the minister was quoted as saying by the television channel.

Reporting by Stephen Brown and Annika Breidthardt

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