Europe Union Moves Toward a Bailout of Greece

Posted by Kendall Harmon

...Germany’s Chancellor, Angela Merkel, is not ready to sign off on a rescue, officials said, before Greece has pushed through further cuts.

One European official, speaking on condition of anonymity because of the sensitivity of the subject, said that Greek officials appeared to be briefing journalists on the prospect for an big rescue package in the hope of pushing the European Union into a quick solution, or of convincing the markets that help is at hand.

“The Germans will not put a euro on the table until there is a credible austerity package,” the official said.

Simon Tilford, chief economist at the Center for European Reform, said that France and Germany recognize that some form of bailout is inevitable, but that, to enable a bailout to be sold to a skeptical German public, the Greeks first “have to be seen to be suffering.”

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Filed under: * Economics, PoliticsEconomyPolitics in General* International News & CommentaryEuropeFranceGermanyGreece

Posted February 28, 2010 at 3:19 pm [Printer Friendly] [Print w/ comments]
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