| Author (Person) | Peel, Quentin |
|---|---|
| Series Title | Financial Times |
| Series Details | 17.5.11 |
| Publication Date | 17/05/2011 |
| Content Type | News |
|
Angela Merkel, German Chancellor, spelt out her strong opposition to restructuring debt in any member state of the eurozone on the 16 May 2011, contradicting speculation that Germany was pushing such a solution in Greece. On the day that European Union Finance Ministers approved a €78bn rescue programme for Portugal, Ms Merkel declared that outright debt restructuring before 2013 – when a permanent bail-out fund is in place – would be 'incredibly' damaging to the eurozone as a whole. On the 17 May 2011 Jean-Claude Juncker, Luxembourg Prime Minister and chair of the Eurogroup stressed that Greece would have to undertake broad and painful reforms before European leaders would consider extending maturities on its debt. Mr Juncker was repeating the stern message delivered to Athens by European finance ministers the previous day, where they demanded that the Greek government accelerate a stalled privatisation programme and take bolder steps to shore up its finances. However, Kathimerini reported that top Greek and EU officials both admitted on the 17 May 2011 that Athens could go ahead with a soft restructuring of its debt after months of denials that the option was even being considered. |
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| Countries / Regions | Europe, Greece |
