• 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

German parliament is set to vote on Thursday to clear an aid package agreed for Greece, a senior deputy from Chancellor Angela Merkel's party said, as the main opposition party pledged its support.

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
April wraps up with stormy week ahead
Lightning over Lake Starnberg, in Bavaria. Photo: DPA

April wraps up with stormy week ahead

The end of April is looking stormy for Germany with hot and cold air mixing and making for wild spring weather over the coming few days, state forecasters DWD said on Wednesday. READ () »

Germany sold €40 million of arms to Russia
Russian troops pictured in March in Crimea. Photo: DPA

Germany sold €40 million of arms to Russia

German arms sales to Russia have come under fire following the crisis in Ukraine. In 2012 Germany sold €40 million worth of rifles, pistols and armoured vehicles to the country. READ () »

Munich to get 'Tetris cube' hotel
Photo: Nieto Sobejano Architects, Berlin

Munich to get 'Tetris cube' hotel

Munich's old city centre is to receive an ultra modern addition to its skyline in the shape of a new hotel dubbed 'the Tetris cube'. READ () »

The Local List
German beer culture in 11 gulps
Photo: DPA

German beer culture in 11 gulps

Wednesday marks the 498th anniversary of Germany's celebrated beer purity law, so in honour of nearly half a millennium of hoppy history, this week's Local List tells some beer truths you may not know. READ () »

Feminist's apartment advert goes viral
Photo: Screenshot/Facebook

Feminist's apartment advert goes viral

Finding accommodation in Berlin is notoriously tricky. But one woman on the hunt might have a particularly hard time of it, with an advert for an apartment so absurd it has gone viral. READ () »

Russian spies step up activity in Germany
The Russian embassy building in Berlin. Photo: DPA

Russian spies step up activity in Germany

Russian spies are increasingly targeting potential informants in German politics and business by taking them out to dinner, according to counterintelligence services. READ () »

Jobless benefits to get leaner and meaner
Photo: DPA

Jobless benefits to get leaner and meaner

The German government is planning a shake-up of the country’s unemployment benefit system, Hartz IV, by introducing stricter rules on claimants in a move which supporters say will cut bureaucracy. READ () »

Germany's oldest woman dies aged 112
Gertrud Henze. Photo: DPA

Germany's oldest woman dies aged 112

Germany’s oldest woman died at the age of 112 on Tuesday. Gertrud Henze was born on December 8th 1901 and joked her long life was down to never getting married. READ () »

Exchange student 'murderer' stays silent
Police search the area near where Gabriele's body was found in October 2013. Photo: DPA

Exchange student 'murderer' stays silent

The alleged murderer of an exchange student in southern Germany stayed silent in the dock on Tuesday on the first day of his trial. READ () »

European Elections 2014
'If Britain goes, Europe is lost'
Hans-Olaf Henkel (r) celebrates the one-year anniversary of the AfD with leader Bernd Lücke. Photo: DPA

'If Britain goes, Europe is lost'

In an interview with The Local, one of the leaders of Germany's eurosceptic party talks about Europe's future, why Britain is a model country and why he will not work with UKIP's Nigel Farage. READ () »

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA
Politics
Interview with AfD - 'If Britain goes, Europe is lost'
Photo: DPA
National
Police damage own water cannon with eggs
Photo: DPA
National
Let us start work later after World Cup nights, unions says
Photo: DPA
Society
Crystal meth use hits record level
Photo: DPA
Rhineland
Elderly man taped €200,000 to his genitals
Photo: DPA
Business & Money
What's the unemployment rate in your area of Germany?
Photo: DPA
Gallery
Nine ways to celebrate Easter like a German
Photo: Galerie Bilderwelt
Gallery
World War I in colour photos
Photo: DPA
Society
JobTalk: Why you should teach English in Germany
Photo: DPA
National
330,000 sign up against TV licence fee
Photo: DPA
Hamburg
School kids hospitalized after 'porno' party
Photo: Submitted
Frankfurt
'I'll get even with my old pal Schwarzenegger'
Advertisement:
Photo: DPA
Gallery
Ten great inventions you (probably) didn't know were German
Photo: J. Arthur White
Berlin
Clashes in Berlin as refugees tear down their own camp
Photo: DPA
Gallery
Munich's baby polar bears are finally named
Photo: DPA
Gallery
The 10 best German employers to work for
CurrencyFair
Sponsored Article
Why it pays to avoid banks when making overseas transfers
Mr. Lodge
Sponsored Article
How to find a furnished rental in Munich
Sponsored Article
How to make a lasting impression in business
Hult International Business School
Sponsored Article
What they don't teach you at Business School
Photo: DPA
Society
Nine jobs you can only do in Germany
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
Photo: DPA
Features
The Local List Archive - Your guide to all things German
National
Share news tips with The Local Germany
Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

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

3,051
jobs available
Toytown Germany
Germany's English-speaking crowd