Germany and other euro zone countries should do whatever possible to end Greece's debt crisis, which is threatening to spread across the continent like the Ebola virus, says Organization for Economic Cooperation and Development Secretary General Angel Gurria.
Germany is not rushing to approve aid to Greece, although Gurria says the country should in light of credit-rating downgrades of Greece, Spain and Portugal, which are sparking fears that other countries will suffer.
“It’s not a question of the danger of contagion; contagion has already happened,” Gurria says.
“This is like Ebola. When you realize you have it you have to cut your leg off in order to survive,” Gurria tells Bloomberg.
The Ebola virus causes severe hemhorragic fever and often leads to death. The virus is easily spread so containment methods must be instituted to stop outbreaks.
Meanwhile, stock markets in Europe plunged recently on the three credit downgrades in Europe, as fears are arising that other European nations may suffer from the Greek debt crisis.
European Union laws limit budget deficits to 3 percent of gross domestic product, although Greece ran its deficit up to 12 percent.
Germany has said it will not let Greece go under, despite the downgrade from U.S. ratings agency Standard & Poor's.
“We now have to realize and implement the rescue plan ... and thus send a clear signal that we will not let Greece fall,” says German Finance Minister Wolfgang Schaeuble according to the AFP newswire.
“We are putting on pressure for quick decisions.”
EU leaders are mulling measures to support the Greek economy, with Germany providing most of the loans.
Public opinion in Germany is strongly opposed to the measure, the AFP reports.
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