Tags: Greece | greece | germany | reforms | debt | bailout

Merkel Offers No Hint of German Take on Greek Concessions

Friday, 10 Jul 2015 06:27 AM

Chancellor Angela Merkel’s government withheld judgment on a package of measures proposed by Greece in return for a 53.5 billion-euro ($59.4 billion) bailout, saying it will wait for creditors to make a first assessment.

The German response allows room for the package of spending cuts, pension savings and tax increases to go to the next stage without being shot down after it was submitted to creditor institutions late on Thursday.

Euro-area officials will examine the proposals in Brussels on Friday, while the Greek Parliament takes it up later the same day.

"There will be a judgment, probably later today," Dutch Finance Minister Jeroen Dijsselbloem, who will chair an emergency session of his euro-area counterparts scheduled in Brussels on Saturday. "If there’s broad support in Greece it gives more credibility. But also then we have to see whether the proposals are good, if it gets Greece really out of the crisis."

The package almost mirrored that from creditors on June 26, which was rejected by Greek voters in a July 5 referendum. The program request by Prime Minister Alexis Tsipras’s government would last a number of years, so it would have to go beyond what was discussed two weeks ago with tougher conditions, a German government official said by phone, asking not be named because the negotiations are private.

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German Chancellor Angela Merkel's government withheld judgment on a package of measures proposed by Greece in return for a 53.5 billion-euro ($59.4 billion) bailout, saying it will wait for creditors to make a first assessment.
greece, germany, reforms, debt, bailout
218
2015-27-10
Friday, 10 Jul 2015 06:27 AM
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