• Germany edition
 
Germans set to confirm Greek aid Thursday
Photo: DPA

Germans set to confirm Greek aid Thursday

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

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)

Don't miss...X
Left Right

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
Glass memorial honours Nazi disabled victims
Floral tributes were laid on Tuesday at the new Holocaust memorial in Berlin. Photo: DPA

Glass memorial honours Nazi disabled victims

A 24-metre blue glass wall in Berlin has been unveiled to commemorate the systematic murder of up to 300,000 mentally ill and disabled people under Adolf Hitler. READ  

Germany to help with Mediterranean refugees
Migrants aboard an Italian navy patrol vessel in April 2014. Photo: DPA

Germany to help with Mediterranean refugees

Interior Minister Thomas de Maizière on Tuesday pledged support for his Italian colleague in the struggle to manage refugees trying to reach the European Union via its southern coast. READ  

Ice bucket challenge raises €500,000 in a week
Elephant Nelly takes part in the ice bucket challenge in a Lower Saxony safari park. Photo: DPA

Ice bucket challenge raises €500,000 in a week

The coffers of the German Society for Muscular Disease (DGM) are overflowing with donations thanks to the viral craze for videos of donors dousing themselves with ice-cold water. READ  

Russian-German school opens in teeth of conflict
The GRIAT will open in the Russian city of Kazan. Photo: Shutterstock

Russian-German school opens in teeth of conflict

The German Academic Exchange Service (DAAD) is pressing ahead with its German-Russian Institute of Advanced Technologies (GRIAT) against a backdrop of international tensions over Ukraine. READ  

Schweinsteiger is new Germany captain: Löw
Photo: DPA

Schweinsteiger is new Germany captain: Löw

Bastian Schweinsteiger will replace fellow Bayern Munich player Philipp Lahm as captain of the German national football team, head trainer Joachim Löw said on Tuesday. READ  

Munich minister resigns in 'model car scandal'
Christine Haderthauer at her resignation press conference in Munich on Monday. Photo: DPA

Munich minister resigns in 'model car scandal'

Christine Haderthauer, head of the Bavarian state chancery, resigned “with immediate effect” on Monday evening over the so-called “model car scandal” in which her company sold scale models built by a man convicted of three sexual murders. READ  

Russia 'severed' from Europe: President Gauck
President Gauck stands shoulder to shoulder with President Komorowski of Poland in Gdansk on Monday. Photo: DPA

Russia 'severed' from Europe: President Gauck

Russia has "effectively severed its partnership" with Europe and wants to establish a new order, German President Joachim Gauck said on Monday. READ  

National Uber ban is revenge of the taxis
Taxis are a powerful trade lobby in Germany. Photo: DPA

National Uber ban is revenge of the taxis

The Frankfurt regional court has imposed a temporary nationwide ban on chauffeur car service Uber, saying that it must pay a €250,000 fine if passengers continue to book rides through its app. READ  

Sex party 'desecrates' Bavarian royal spa
The facade of the Bad Reichenhall Royal Spa Hotel.

Sex party 'desecrates' Bavarian royal spa

The Bavarian finance ministry has demanded a report from the company running a publicly-owned spa in the town of Bad Reichenhall after they rented the property out for a fetish party. READ  

Merkel details Iraq arms shipment to MPs
Angela Merkel addressing the Bundestag on Monday as her ministers look on. Photo: DPA

Merkel details Iraq arms shipment to MPs

UPDATE: Chancellor Angela Merkel addressed the Bundestag on Monday to explain her government's decision to send weapons to Iraqi Kurds fighting terrorist group Isis. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Sponsored Article
Bilingual education from nursery to graduation at Phorms
Photo: Shutterstock
Gallery
Ten of the oddest things found by German border control
Photo: Gerkan, Marg and Partners/Tegel Projekt GmbH/J. Mayer
Berlin
How will Berlin look in five years' time?
Photo: DPA
Culture
Sprechen Sie Deutsch? 10 reasons why you should
Photo: DPA
Gallery
The best of Berlin's mayor Klaus Wowereit in 14 pictures
Photo: DPA
Politics
Germany sends burgers and sausages to Kurds
Photo: Matthias Kock
National
Tribes, ties and a movie: A German's Afghan life
Photo: DPA
Gallery
10 things to do before summer in Germany is really over
Photo: DPA
Gallery
The mysteries of Berlin's abandoned theme park
Photo: Europeana.de 1914 - 1918
Gallery
A German soldier's life behind WWI lines
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,408
jobs available
Toytown Germany
Germany's English-speaking crowd