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Germany could refuse aid to Greece

AFP · 25 Apr 2010, 15:08

Published: 25 Apr 2010 15:08 GMT+02:00

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“The fact that neither the European Union nor the German government has taken a decision means: it could be positive or negative,” he told the Bild am Sonntag newspaper.

“It depends alone on whether Greece in the coming years continues along the saving course on which it has embarked. The Greek finance minister said that as well.”

Greece appealed Friday for tens of billions of euros in unprecedented help from the European Union and the International Monetary Fund to grapple with its dire debt crisis.

The EU said it did not see any “obstacles” and would rapidly respond to the request to activate a three-year debt rescue worth up to about €45 billion in the first year at concessionary interest rates of about five percent.

But German Chancellor Angela Merkel drew a line in the sand Friday, saying that aid to Greece was not automatic and depended on a demonstrable threat to eurozone stability and Athens producing a credible austerity plan.

Germany, the biggest economic power in the 16-nation eurozone, would likely be asked to contribute around €8.4 billion to any rescue package, in the form of a loan by the KfW public bank guaranteed by the federal government. Any aid would also require the approval of parliament.

But the issue was already driving a fresh wedge through Merkel’s fractious centre-right coalition, with the pro-business Free Democrats sceptical about any Greek bailout amid strong public opposition to aid for Athens.

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The Christian Social Union, the Bavarian sister party to Merkel’s conservative Christian Democratic Union, went further, calling for Greece to consider leaving the eurozone entirely.

And a group of eurosceptic academics have pledged to challenge any German state aid for Greece before the Federal Constitutional Court, the Welt am Sonntag newspaper reported.

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Your comments about this article

18:41 April 25, 2010 by wmm208
You have to send the cash before elections in May. They actually needed it last week. It will be a tough call as Potugal & Spain will need some as wll soon. Contaigion will spread.
21:32 April 25, 2010 by snowey
The Germans should stop squealing & pay up. They supported the inclusion of Greece in the EuroZone & should thus be primarily responsible for supporting it.The only problem is they also supported the inclusion of Portugal, Spain and Italy who are probably the next candidates for financial handouts.

The Brits stayed aloof from all this because of there usual distaste for anthing relating to the EU although financial & economic forecasts played a part since it was obvious (but not to Germany?) that in such a large Bloc some countries would fail while the majority succedded .I seem to remember Southern Ireland was considered a potential failure backin the late 1990's.
22:14 April 25, 2010 by berlinski
I think Southern Ireland is again considered a potential failure in the 2010's
23:02 April 25, 2010 by wmm208
The death of The 3rd Way by Wilhelm Röpke is amoungst us.
23:16 April 25, 2010 by William Thirteen
00:03 April 26, 2010 by wmm208
Main Entry: among

Pronunciation: \ə-ˈməŋ\

Variant(s): also amongst \-ˈməŋ(k)st\

Function: preposition

Etymology: among from Middle English, from Old English on gemonge, from on + gemonge, dative of gemong crowd, from ge- (associative prefix) + -mong (akin to Old English mengan to mix); amongst from Middle English amonges, from among + -es -s - more at co-, mingle

Date: before 12th century

1 : in or through the midst of : surrounded by

2 : in company or association with

3 : by or through the aggregate of

4 : in the number or class of

5 : in shares to each of

6 a : through the reciprocal acts of b : through the joint action of made a fortune among themselves
00:40 April 26, 2010 by Prufrock2010
Okay. So what is the etymology of "amoungst?"
00:51 April 26, 2010 by wmm208
Not sure, nor do i care however, Wilhelm Röpke's vision has been laid to rest.
00:57 April 26, 2010 by Prufrock2010
As has yours.
01:09 April 26, 2010 by wmm208
I see you are full of value added knowledge today. You must work within the German Government sector. Or should I say, German banking. One in the same. Toll
01:15 April 26, 2010 by FN Cee
No rescue! Greece and some others should not be in the EU.
01:32 April 26, 2010 by wmm208
Has to happen. Too late...
02:28 April 26, 2010 by wetdawg~
Don' rescue Greece...BUY GREECE! Turn Greece into the fresh water summer resort that the Fatherland and Der Chef always wanted...without ever firing a shot!
02:31 April 26, 2010 by wmm208
Wrong, that was the idea of The Euro projekt in the first place and look where it got you....
02:39 April 26, 2010 by wetdawg~
It was economically flawed because it is politically flawed because it is culturally flawed...so buy Greece and bring Greece in as a German State, then reform Greece. Of course this would require Germany leaving the EU and returning to the RM, I sorry I mean the DM...
02:43 April 26, 2010 by Der Grenadier aus Aachen
Are you insane?
02:47 April 26, 2010 by wetdawg~
No I am not insane...why would you ask that? What is wrong with my suggestion? By the way...I was in Aachen for your lovely citie's 1000 year Birthday! What a nice time I had!
03:42 April 26, 2010 by wmm208
Wont happen. The DM is buried and gone. Its about a unified Europe, not the culturaly flawed Europe you mention. Germany will have to pay and pay and pay...
03:49 April 26, 2010 by wetdawg~
The only cultur that will unify Europe is Muslim...
04:06 April 26, 2010 by wmm208
Yes, give G-d a platform, a reason to succede for all the people to follow and the people will obey. Islam is the answer.
11:16 April 26, 2010 by LancashireLad
I never understood how it was considered possible that countries of vastly differing economical abilites could possibly unite monetarily. OK, I'm not an economist, but I think this time my fears were grounded. Then problem is, how do we go about scrapping the Euro? As far as I see it, tht's the only answer, the best solution for both the strong and the weak. But as I say, I am not an economist.
15:11 April 26, 2010 by AirForceGuy
How much debt did the US 'forgive' of Germany's after WWII? Now that Germany is the "Big Man' in the EU, thay must play the part the US did for them in the late 40's and 50's... The shoe is on the other foot now!
18:48 April 26, 2010 by wmm208
You cant scrap the Euro LancashireLad because all of the German Banks have debt in Euros and these loans dont have a conversion feature so if all of these debts go, so does Germany. Its like making a wrong turn on the motorway and after going 2,000 km, you are going in the wrong way but still convinced you are correct!
20:13 April 26, 2010 by Prufrock2010
Germany had debt before the euro and somehow managed to convert it. A new D-Mark could be pinned to the U.S. dollar, the euro or the Swiss franc, for that matter, but it would at the very least allow Germany not to be the cash cow for the PIIGS.

Peschvogel's analogy is, as usual, idiotic.
20:41 April 26, 2010 by wmm208
Great, you show me a mortgage or sovereign debt "loan" covenant that allows for currency conversion and i will believe your bullshit explanation.
00:08 April 27, 2010 by Prufrock2010
Peschvogel thinks that there was no mortgage or sovereign debt before the creation of the euro. You rock, peschie!
00:35 April 27, 2010 by wmm208
Show me the currency conversion feature PruCock. There is none! Stop commenting on subjects you know nothing about. Just stick to your lonely posts making mockery of people but not adding any value.
13:30 April 27, 2010 by LancashireLad
There was debt before and they found a way to convert it to euros. It cannot be impossible to convert specific loans again. Granted in the other direction ot recreate the former currencies would be a lot more difficult, but folks, this experiment to set up a currency against the dollar (and we all know that's all it was) has failed becasue we are not dealing with a united states of europe - anything but.
22:55 April 27, 2010 by wmm208
To all you US Dollar Bear traders, you were burned bad. Really bad...To all you Euro memebrs, you should keep some of thise bills for future historical perspective. Or hide them in the walls. Schade...Pay, pay, pay Germany!
01:15 April 28, 2010 by Prufrock2010
Goldman Sachs and John Paulson will make a trillion dollars by shorting the euro thanks to Goldman's complicity in the Greek fraud on the EU. Regulation, anyone?
03:35 April 28, 2010 by wmm208
Dont hate the player, hate the game. Capitalism is good. GS held their own today in Senate. Very proud of the GS boys..
11:20 April 28, 2010 by Essertpitay
The arrogance of the GS boys was galling...Especially that little French twerp...

French smugness embracing the capitalism at its best !!
12:11 April 28, 2010 by Prufrock2010
I won't be satisfied until Lloyd Blankfein is behind bars with Bernie Madoff.
15:46 April 28, 2010 by wenddiver
How about we all sign an agreement that no soveriegn country has the right to tax it's citizens and transfer the money to another sovereign power. Think of it as Free Market for Governments.

Countries would have to get real or fail. We could stop bleeding succesful countries to prop up failed states.

Failed states would have to change or allign with a power to pay their bills.

Darwinism for Governments.
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