German fin Min Schaeuble: Greek debt reduction effort ‘remarkable’

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Take a bow Samaras and Co….. ¬† ;)

  • Greece has fulfilled it’s obligations
  • Has asked German lawmakers to vote on Greek deal this week, lower house to vote this Friday
  • Euro members grateful to IMF in crisis role, IMF debt write- off impossible
  • A debt write-off for Greece ¬†poses legal problems
  • Debt buyback will reduce debt ‘significantly’, results remain open
  • Measures will help Greece return to the market
  • Funds from closing gap will fund Greek buyback
  • Rate cut for Greece ensures refinancing costs for KFW Bank are just covered
  • Will have to accept consequences of Greek aid for German budget
  • Any alternative to Greek aid would entail ‘much greater, incalculable’ risks
  • Little time for manoeuvre before decision day for Greece on Dec13


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Pete Jackson


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