Report: Merkel sees no new Greek debt writedownThe Associated Press | July 03,2013BERLIN — German Chancellor Angela Merkel has rejected talk of a new debt writedown for struggling Greece and insisted the country is making good progress.
Greece received in April last year a first round of debt relief that wiped 100 billion euros ($130 billion) off the sum the government owed to private sector investors, who took heavy losses on bondholdings.
The possibility of granting Greece a second round of debt relief has frequently been floated. But asked in an interview with Germany’s Sueddeutsche Zeitung and five other European newspapers whether there will be a second writedown, Merkel replied: “I don’t see it.”
“Greece has moved forward thanks to the very reform-oriented Samaras government,” Merkel said in the comments published Tuesday. “I assume that debt sustainability will continue to be assured.”
Merkel faces national elections in September and is sticking to her hard-nosed approach to Europe’s debt crisis, with Germany the biggest contributor to rescue funds but also insistent on spending cuts and economic reforms.
The chancellor also defended Germany’s insistence on making potentially time-consuming changes to the European Union’s basic treaty to complete the bloc’s banking union — a key part of its strategy to combat its financial crisis. Berlin has said, for example, that eventually creating a central authority to wind down failing banks would require treaty changes to have a safe legal basis.
“We will not get by without further treaty changes over the years, even though we should now do everything that can be done without treaty changes,” Merkel was quoted as saying. “Otherwise it will take too long for anything to happen at all.”
“We are states of law — our actions must be built on the law and on treaties,” she said.MORE IN National / World BusinessNEW YORK — McDonald’s CEO Steve Easterbrook said Thursday he was “incredibly proud” of a recent... Full StoryCVS Health will pay more than $10 billion for pharmaceutical distributor Omnicare in a deal... Full Story
- Most Popular
- Most Emailed
- RICHARD'S POOR ALMANACK: On this day 1739, 'Richard Palmer' identified in prison at York Castle as the notorious outlaw DICK TURPIN; IN 1836, Battle of the Alamo begins near San Antonio de Bexar, Texas; 1896, the Tootsie Roll invented by LEO HIRSCHFELD.
- RICHARD'S POOR ALMANACK: On this day in 1472, Orkney, Shetland islands put up as collateral by Norway to Scotland in lieu of dowry for MARGARET OF DENMARK on her marriage with JAMES III, king of Scotland; 1962, JOHN GLENN first American to orbit Earth.
- TOMORROW'S HEADLINES TODAY: City mayoral candidates debate campaign issues; Hartford, Conn., woman still missing; Neal Goswami reports attempts to legislate suicide; local woman loses 100 pounds through TOPS program.
- RICHARD'S POOR ALMANACK: On this day in 1878, JOHN TUNSTALL murdered near Lincoln, New Mexico, by the outlaw JESSE EVANS; in 1930, ELM FARM OLLIE first cow to fly in aircraft, first to be milked airborne; 1955, nuke test WASP; '79, snow in Sahara.
- TOMORROW'S HEADLINES TODAY: Rutland Herald News Editor Alan J. Keays and staff writer Gordon Dritschilo discuss stories planned for the February 18, 2015, edition of the newspaper: Winter budgets maxed, legal marijuana, Springfield bank job, USPS slowdown
- RICHARD'S POOR ALMANACK: On this day in 1249 AD, ANDRE of LONGJUMEAU is dispatched by LOUIS IX of France to meet the KHAGAN, ruler of the Mongol Empire; in 1804, during 1st Barbary War, STEPHEN DECATUR scuttles the pirate-held USS Philadelphia in Tripoli.