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Germany supports bilateral assistance for Greece

22 March 2010 / 10:03:08  GRReporter
2550 reads

This said Germany's federal minister of finance Wolfgang Schaϋble. In extreme situations of need most likely is there to be voluntary, bilateral assistance, the minister said for newspaper Bild. The publication also stated that within 12 months Greece must pay off €50 billion from the total debt of €300 billion. But Chancellor Angela Merkel said that Greece should solve its problems alone – “Greece does not need financial help and this is confirmed by the government. We believe Greece is doing everything possible to reverse its fate." 

Italian Prime Minister Silvio Berlusconi also said that Italy fully supports "financial assistance” for Greece from members of the eurozone. However, this statement is probably due to the fact that the Italian state debt is not less than the Greek one. Italy owes 117% of GDP and Greece owes 120% of GDP. 

Brussels, however, claims that financial support will not be discussed during the meeting of European leaders on March 25 and 26.

Wall Street Journal claims that the Greek crisis will discourage central banks of the member country candidates from entering the eurozone. It is also expected by the European Central Bank to raise the criteria for new members. As a result the newspaper does not expect new members in the eurozone - at least not for the next few years. 

That news did helpful for the EUR that much and it fell to 1,353 USD. The same applied for the Athens Stock Exchange, which closed at 2,049.4 points with a loss of 3.11%. In England, the FTSE 100 closed at a 21-month record high of 5650.13 points. Dow Jones also did well this week and rose 1.4% to 10,741.9 points.

Tags: Greece Germany Economy Merkel
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