FRANKFURT (MNI) – The rescue plan for fiscally embattled Greece
means a stabilization of the euro, German Chancellor Angela Merkel said
Monday.
A stable euro is an “extraordinarily valuable” asset, the
chancellor said.
She insisted that lessons be learned from the crisis, said Merkel,
speaking at a press conference in Berlin to announce that her cabinet
had approved the rescue plan for Greece. The countries of the Eurozone
and the International Monetary Fund will lend E110 billion to Greece
over the next three years.
Germany, via its state-owned KfW bank, will lend E8.4 billion to
Greece this year and a total of E22.4 billion over three years, Merkel
explained.
She insisted that the basis for the aid law to Greece is an
“emergency situation.”
Germany would push to establish a European rating agency, she
added, saying that “more competition among rating agencies certainly
cannot hurt.”
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–Frankfurt bureau; +49-69-720142; frankfurt@marketnews.com
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