• Germany's news in English
 
app_header_v3

Germans set to confirm Greek aid Thursday

The Local · 27 Nov 2012, 13:25

Published: 27 Nov 2012 13:25 GMT+01:00

The "current rough plan" is that Finance Minister Wolfgang Schäuble will give a speech in the Bundestag lower house on Thursday, followed by a vote, said Michael Grosse-Brömer, chief whip of Merkel's conservative Christian Democrats (CDU).

After marathon talks overnight, finance ministers from the 17 eurozone countries agreed to release €43.7 billion in emergency aid for Greece and hinted that more of its debt may have to be forgiven.

The parliamentary head of Germany's main opposition party, the centre-left Social Democrats, Frank-Walter Steinmeier said his group would back the deal, meaning Berlin is virtually certain to rubber stamp the agreement.

"I will not recommend to my group any action that would lead to Greece being insolvent in the short-term and in that case being forced to leave the eurozone," Steinmeier told ZDF public television.

However, he urged the ruling coalition to come clean over the issue of a so-called haircut – governments and the European Central Bank accepting a loss on their Greek debt holdings.

With less than a year to go until elections, Merkel has been vehemently opposed to such a haircut, which would mean German taxpayers footing part of the bill.

Some eurozone states however have said they would "not exclude" the possibility of writing off some debt from 2015 onwards.

"The haircut has not been avoided, it has merely been postponed until after the federal election ... it will come after 2014," Steinmeier said.

Story continues below…

Norbert Barthle, budgetary spokesman for the CDU, told German radio: "It could be the case, according to the current planning, that a haircut could occur in 2020."

AFP/jcw

The Local (news@thelocal.de)

Your comments about this article

13:52 November 27, 2012 by Steve1949
It's amazing that no one sees that this is not working. How does one get out of debt by going further in debt? We aren't talking about a million Euro's here. In the end I can see the EU eating this debt since Greece will never be able to repay it no matter how far down the road they shove this mess. It's time to put an end to this single currency crap.
14:21 November 27, 2012 by rmarquina
You have to be more intelligent when choosing your head pictures...
17:14 November 27, 2012 by Steve1949
They are already talking about forgiving more Greek debt in 2014. Why not just forgive all of the Greek debt in 2012 and let them fend for themselves. Why keep pouring more money into that country?
13:27 November 28, 2012 by Zubair Khan
Current ruling elite is turnign blind eye to all the professional advises on the subject and blaming economic experts not coming up with concrete solutions. Forgiveness or extention of unlimited debts is not the solution of the problem. But non can help as Ms Merkel is all up for saving the single currency. In the end if whole Europe sinks she is not pushed.
15:05 December 1, 2012 by TrullyAmazed
The picture in your article shows very poor judgement. There are better ways to express your views. Your picture is insulting, vitriolic and has no place on the website of a civilized newspaper.
Today's headlines
'We'll freeze Turkey talks' warns EU as arrests continue
President Recep Tayyip Erdogan has launched a radical purge against anyone suspected of complicity in the coup attempt. Photo: DPA

As Turkish authorities on Friday widened their sweeping post-coup crackdown to the business sector, the European Union's enlargement commissioner implicitly warned that the bloc would freeze Turkey's accession talks if the crackdown violated the rule of law.

I’m ashamed of Germany’s refugee failure: Green leader
Cem Özdemir. Photo: DPA

The head of the Green Party has responded angrily to Angela Merkel’s speech on refugees on Friday, saying he feels “ashamed at Germany’s failure".

German satirists mock Erdogan (and his penis)
Photo: DPA

Tempting fate?

Huge pro-Erdogan rally puts strain on Turkish community
Erdogan supporters at a rally in 2014. Photo: DPA

Tens of thousands of supporters of Turkish President Recep Tayyip Erdogan plan to rally in Cologne on Sunday, as tensions over Turkey's failed coup have put German authorities on edge.

Opinion
How the Berlin startup scene is wasting its potential
Photo: DPA

"The truth is, there really isn't a truly successful international Berlin startup."

Five years' jail for German darknet weapons dealer
Photo: DPA

He had sold weapons to known Isis-sympathizers and far-right extremists.

Prickly Bavarian calls out cops on hedgehogs' noisy sex
Photo: DPA

Caught in the act.

International or German state school - which one's best?
Photo: DPA

Deciding between sending your child to a German state school or a private international school isn't easy. Max Bringmann has experienced both.

13 mortifying mistakes German learners always make

Sure-fire ways to get off on the wrong foot in the German language.

Captain Schweinsteiger retires from international football
Bastian Schweinsteiger. Photo: DPA

He has won a World Cup with Die Mannschaft and captained them at Euro 2016. On Friday Bastian Schweinsteiger announced his retirement from the national team.

Sponsored Article
Why you should attend an international job fair
Travel
Enter if you dare: Berlin's best abandoned haunts
DPA
Gallery
IN PICTURES: How Munich responded to shooting spree
Lifestyle
10 rookie errors all Brits make when they arrive in Germany
Sponsored Article
Why Swiss hospitality graduates are in demand
National
Bavaria train attack: Were police right to shoot to kill?
Sponsored Article
Five things Americans should know about voting abroad
National
How to get German citizenship (or just stay forever)
Technology
Brexit will turn Berlin into 'Europe’s startup capital'
Travel
Six soothing day trips to escape the bustle of Berlin
International
'Germany needs to make UK come to its senses'
Sponsored Article
Why expats choose international health insurance
Features
Six odd things Germans do in the summer
Travel
These 10 little-known German towns are a must see
Sponsored Article
Health insurance for expats in Germany: a quick guide
Features
How two gay dads cut through German red tape to start a family
National
Five things to know about guns in Germany
Culture
10 things you need to know before attending a German wedding
National
Eight weird habits you'll pick up living in Germany
Sponsored Article
Why Swiss hospitality graduates are in demand
Lifestyle
Six reasons 'super-cool' Berlin isn't all it's cracked up to be
Society
Only one country likes getting naked on the beach more than Germany
Sponsored Article
Why you should attend an international job fair
Lifestyle
23 ridiculously fascinating things you never knew about Berlin
Culture
8 German words that perfectly sum up your 20s
Lifestyle
Can't make it past the door at Berlin's most famous club? Help is at hand
Business & Money
Why Frankfurt could steal London's crown as Europe's finance capital
Features
6 surprising things I learned about Germany while editing The Local
10,527
jobs available
Toytown Germany
Germany's English-speaking crowd