Sunday, August 19, 2012

Germans Stingy About New Greek Loans

Michelle Martin of Reuters notes that the German magazine Der Spiegal is reportings that Greece has fallen behind in existing repayments to previous loans which Germany has made to the Mediterranean nation. To meet current loan agreements, it appears Greece needs to make $17 billion in cuts over the next two years rather than the figure of $11.5 billion that had been expected.
German Finance Minister Wolfgang Schaeuble said Saturday, "It is not responsible to throw money into a bottomless pit." Volker Kauder, head of the conservatives in the German parliament, also favors a tough approach to Greek indebtedness. More and more Germans are calling for a Greek exit from the Euro.

Inspectors representing the International Monetary Fund (IMF) as well as the European Commission and the European Central Bank (ECB) will return to Greece in September.

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See also

and, especially (possibly the best news article of 2012) :

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