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Berlin eyes 'firewall' to contain Greek debt crisis

AFP · 10 Feb 2010, 08:03

Published: 10 Feb 2010 08:03 GMT+01:00

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Berlin has decided to "take a significant step" to deal with the crisis in the wake of steep falls in the euro and pressure on bond prices, the newspaper reported citing an unnamed German government official, the Financial Times reported.

"We are thinking about what we should do if the crisis spills from Greece into other euro countries," said the official. "So it's more about finding firewalls, containing the problem, than principally about helping the Greeks."

There are "no concrete plans" as yet, the official added.

The Financial Times Deutschland, the German language version of the paper, reported Wednesday that Berlin is preparing an aid plan to help Greece resolve its debt problems.

It said German Finance Minister Wolfgang Schäuble was working on both a bilateral basis and at the European level on putting together a package to help Athens.

Citing unnamed sources in the government coalition, it said Berlin was "looking at a European solution but measures by Germany alone were not excluded."

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Schäuble will inform officials in the main government conservative party on Wednesday, the report said.

Greece is struggling to put its fiscal house in order after massively overspending with borrowed money, with its problems putting pressure on the whole eurozone.

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Your comments about this article

14:49 February 10, 2010 by mixxim
Please also send some to England. Our labour government has bled the taxpayer dry and didtributed whats left in parliamentary expenses by claiming non existent mortgages, inflated travel costs....
00:38 February 13, 2010 by cklb
Funny that we Germans have money to help other countries, but can't resolve our own financial problems.. Anyone got an idea what the total debt of the Geman government is?
10:16 February 16, 2010 by Deutschguy
"Germany's government estimates that the country' national debt will grow by around 126 billion euros ($179 billion) this year, reaching a total of over 1.7 trillion euros."

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