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Greek debt relief decision expected on Monday

The Local · 17 Feb 2012, 16:13

Published: 17 Feb 2012 16:13 GMT+01:00

A German Finance Ministry spokesman told a regular government briefing there were still outstanding questions over an escrow account for debt repayments, surveillance of policy, financing gaps and debt sustainability.

Officials were likely to continue hashing out details until Sunday, said Martin Kotthaus.

"I assume that we will have a solid basis on Monday, from which the ministers will then be able to take a joint decision. This is all positive of course," he said. "However, it is still too early to say how the decision might turn out."

Eurozone leaders have been negotiating a Greek rescue package of €130 billion and a write-down of privately held government bonds worth €100 billion to avoid Greece defaulting on its debt package that comes due as early as next month.

After a conference call between the leaders of Germany, Italy and Greece, the Italian government released a statement saying officials were “confident” a deal would be reached to take pressure off Greece.

Meanwhile police continued to struggle to keep protests in Athens under control. They briefly detained then released eight Germans protesting outside the embassy on Friday after someone threw an egg at the building.

German activist group Schwabingrad Ballet held up placards saying "Greece selloff – not in our name" and "No to this memorandum," a reference to the EU-IMF fiscal adjustment applied in Greece.

Germany has been leading the call for tighter austerity measures in Greece arousing public anger and animosity which has reached unprecedented levels.

Story continues below…

The Local/AFP/mdm

The Local (news@thelocal.de)

Your comments about this article

13:11 February 19, 2012 by Grumpy Old Man
I've heard this before. Which Monday do they mean? Which week?
21:34 February 19, 2012 by raandy
Whats the point, Greece is doomed ,so sink this EU ship to no where and get the European Free Trade agreement up .
09:15 February 20, 2012 by jpl82
When your on a sinking ship it only makes sense to help bail out. No sense in kicking the one doing the hard work over board it's not like that helps plug the hole.
10:35 February 21, 2012 by luckylongshot
This all seems to be about shifting the loss on Greek debt from the Banks that should be paying for it to the taxpayers of Europe who should not. As the earlier comments so correctly point out Greece is doomed to fall out of the Euro. Our politiicians deserve to go to jail for continuing this charade at our expense.
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