BRAZIL: Germany's Economy Minister Reiner Bruederle says Greece ought to accomplish terms set by EU and IMF to obtain financial aid

Record ID: 335077

  • Title: BRAZIL: Germany's Economy Minister Reiner Bruederle says Greece ought to accomplish terms set by EU and IMF to obtain financial aid
  • Date: 29th April 2010
  • Summary: SAO PAULO, BRAZIL (APRIL 28, 2010) (REUTERS) VARIOUS EXTERIORS OF CONVENTION CENTRE WHERE GERMANY'S ECONOMY MINISTER REINER BRUEDERLE MET BRAZILIAN AND GERMAN BUSINESSMEN SIGN AT THE ENTRANCE OF THE CONVENTION CENTRE, READING: "WELCOME MINISTER REINER BRUEDERLE AND DELEGATION" VARIOUS OF BRUEDERLE GIVING SPEECH FOR BUSINESSMEN BRUEDERLE TALKING TO REPORTERS (SOUNDBI
  • Embargoed: 14th May 2010 13:00
  • Keywords:
  • Location: Brazil
  • Country: Brazil
  • Topics: International Relations,Economic News
  • Reuters ID: LVACLJBB781LOY0IAQOL8V1SX2XE
  • Story Text: Germany's Economy Minister Reiner Bruederle said on Wednesday (April 28) that Greece would suffer harsh consequences if it fails to meet the conditions set by the European Union and the International Monetary Fund.
    After meeting Brazilian and German businessmen in Sao Paulo, Bruederle told reporters that Greece should strive to meet the terms.
    "The core of a solution is in Greece. They have to change direction, increase their competitiveness, stop living beyond their means, and the European Council of Ministers -- which is the council of heads of governments of the European Union -- made this very clear in their decision: before anything will be set into motion thee need to be expert opinion of three institutions: the International Monetary Fund, the European Central Bank, and European commission," he said.
    Greek borrowing costs have hit record highs weeks before billions of euros in debt expires, plunging Greece into a debt crisis that has shaken international markets.
    Bruederle has said that a wrong decision towards Greece could set off a worst crisis in the region.
    Concerns over sovereign credit risk also pushed the cost of insuring Portugal's debt to new highs, underlining fears that it could be the next euro zone state to suffer a debt crisis.
    Bruederle added that there is quick solution for Greece's issue, but that it is important to show that the stability of the euro is a priority for Europe.
    The German government is facing public resistance to any aid for Greece, which would likely come in the form of a 45 billion euro ($60.49 billion) EU-IMF aid package which some leaders suggest may have to be bigger.
    European Union and the IMF officials are in Athens to negotiate the terms of the aid, which Bruederle said earlier would be worth some 135 billion euros over three years.
    Germany's Chancellor Angela Merkel said she would only be able to talk about the value of the aid package when the fiscal programme that the IMF and EU were negotiating with Greece was agreed.
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