18 Jun '11, 9pm

Merkel wants 'substantial' bank aid for Greek debt

Merkel wants 'substantial' bank aid for Greek debt

BERLIN - German Chancellor Angela Merkel Saturday urged "substantial" aid from private creditors to resolve Greek debt woes, as the Eurogroup warned the crisis could spread like a firestorm through EU economies. "We must be sure to try to have a substantial contribution" from private creditors like banks and insurance companies for debt-laden Greece, Merkel told a meeting of her Christian Democrat Union party in Berlin. However the German leader added that "at the moment we can only get the participation of the private investors on a voluntary basis." The "voluntary" nature of such involvement is key for many observers, who fear that forced input from the private sector would be seen as a debt default on the part of Greece, with ramifications far beyond. German Finance Minister Wolfgang Schaeuble echoed Merkel but also stressed that the private sector's role should be "qua...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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