matrix
25th March 2010, 06:41 PM
Germany to press for IMF aid to Greece
Amid tension in the eurozone over the economic crisis in Greece, German Chancellor Angela Merkel has demanded Athens seek financial aid from the International Monetary Fund (IMF).
http://uc-njavan.ir/images/qdyt1jnnoe29k7h85y5o.jpg (http://uc-njavan.ir/)
Despite pressure from the 27-nation bloc ahead of Thursday's EU summit, Merkel assured the German parliament that she would underscore the inevitability of IMF involvement if the cash-strapped country asks for a bailout.
She stressed that bilateral loans from the eurozone members would only be offered as a "last resort,” and that she would seek changes to the treaty law to prevent future crises.
The German chancellor has also blocked a meeting between the leaders of the single-currency union to discuss the issue.
France, Spain and some other European countries support a purely EU rescue package.
Before the summit, the euro currency slid to a 10 month low against the dollar and as Portugal embarked on the same credit-rating downgrade on Wednesday that triggered the Greece crisis.
Athens is dealing with a budget deficit of 13 percent — more than four times the percentage allowed by the eurozone.
Merkel said she would push at the two-day summit for IMF aid to Greece.
The European Central Bank and others have expressed concerns that the IMF aid would undermine the eurozone's credibility.
EU Commission chief, José Manuel Barroso, sought to assure the debt-ridden nation that member states would show “solidarity” with the country, after Greek President threatened to go to IMF.
Greece, which in on the verge of defaulting on its €300 billion ($407 billion) debt, has accused German banks of profiteering from inflated interest rates on Greek government bonds
Source: www.presstv.ir
Amid tension in the eurozone over the economic crisis in Greece, German Chancellor Angela Merkel has demanded Athens seek financial aid from the International Monetary Fund (IMF).
http://uc-njavan.ir/images/qdyt1jnnoe29k7h85y5o.jpg (http://uc-njavan.ir/)
Despite pressure from the 27-nation bloc ahead of Thursday's EU summit, Merkel assured the German parliament that she would underscore the inevitability of IMF involvement if the cash-strapped country asks for a bailout.
She stressed that bilateral loans from the eurozone members would only be offered as a "last resort,” and that she would seek changes to the treaty law to prevent future crises.
The German chancellor has also blocked a meeting between the leaders of the single-currency union to discuss the issue.
France, Spain and some other European countries support a purely EU rescue package.
Before the summit, the euro currency slid to a 10 month low against the dollar and as Portugal embarked on the same credit-rating downgrade on Wednesday that triggered the Greece crisis.
Athens is dealing with a budget deficit of 13 percent — more than four times the percentage allowed by the eurozone.
Merkel said she would push at the two-day summit for IMF aid to Greece.
The European Central Bank and others have expressed concerns that the IMF aid would undermine the eurozone's credibility.
EU Commission chief, José Manuel Barroso, sought to assure the debt-ridden nation that member states would show “solidarity” with the country, after Greek President threatened to go to IMF.
Greece, which in on the verge of defaulting on its €300 billion ($407 billion) debt, has accused German banks of profiteering from inflated interest rates on Greek government bonds
Source: www.presstv.ir