Germany Sets Tough Aid Conditions for Greece

Germany on Tuesday set conditions for participating in a Greek aid package, including the "necessary" involvement of the International Monetary Fund, but again insisted an agreement wouldn't come out of a meeting of European Union leaders this week.

A German official, speaking anonymously to discuss the government's position, said Greece could receive aid only as a "last resort" and under three tough conditions: a "substantial contribution" from the IMF; proof that Greece had exhausted its ability to borrow on the capital markets; and an EU commitment to pursue rigorous new preventive measures and sanctions to keep euro-zone countries from racking up excessive debts.

Such measures would require an EU treaty change, the government has previously acknowledged. Changing the treaty would involve a tedious process that could take years and would require the agreement of all 27 members.

Read Full Article from Wall Street Journal

- Posted: 2010-03-23 10:04:08

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