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German MoF: Euro Zone Could Draft Outline Of Greek Aid Plan Next Week
BERLIN -(Dow Jones)- Euro-zone finance ministers agree that Greece will need further aid from the bloc, but remain divided on critical details, Germany's finance ministry said Wednesday.
Martin Kotthaus, a ministry spokesman, said at a regular government press conference that ministers hoped to reach at least the outline of plans to provide further aid to Greece at meetings in Luxembourg next week. While governments agree that Greece will need more help, Kotthaus said, not all support Germany's desire to see private investors bear increasing responsibility for a potential Greek debt restructuring.
"What will be discussed very intensively [by euro-zone finance ministers next week] is how exactly [further aid] should work," Kotthaus said. "And we as Germans have said that for us substantial, significant and voluntary participation of the private sector must happen."
Kotthaus said that "ideally" ministers meeting in Luxembourg Sunday and Monday would reach an agreement over "the outline, the conditions for a new program." Such an agreement will depend on the support of the European Central Bank, Kotthaus said, whose leaders have resisted German calls for private investors to play a greater role in the Greek crisis.
"One wants consensus with the ECB," Kotthaus said, adding that momentum was growing for some form of private sector participation. At a meeting of finance ministers in Brussels this week, Kotthaus said there was "general consensus that the question of a future aid program for Greece shouldn't fall on taxpayers shoulders alone."
BERLIN -(Dow Jones)- Euro-zone finance ministers agree that Greece will need further aid from the bloc, but remain divided on critical details, Germany's finance ministry said Wednesday.
Martin Kotthaus, a ministry spokesman, said at a regular government press conference that ministers hoped to reach at least the outline of plans to provide further aid to Greece at meetings in Luxembourg next week. While governments agree that Greece will need more help, Kotthaus said, not all support Germany's desire to see private investors bear increasing responsibility for a potential Greek debt restructuring.
"What will be discussed very intensively [by euro-zone finance ministers next week] is how exactly [further aid] should work," Kotthaus said. "And we as Germans have said that for us substantial, significant and voluntary participation of the private sector must happen."
Kotthaus said that "ideally" ministers meeting in Luxembourg Sunday and Monday would reach an agreement over "the outline, the conditions for a new program." Such an agreement will depend on the support of the European Central Bank, Kotthaus said, whose leaders have resisted German calls for private investors to play a greater role in the Greek crisis.
"One wants consensus with the ECB," Kotthaus said, adding that momentum was growing for some form of private sector participation. At a meeting of finance ministers in Brussels this week, Kotthaus said there was "general consensus that the question of a future aid program for Greece shouldn't fall on taxpayers shoulders alone."
