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Merkel, Sarkozy Propose Separate Greek Acct
German Chancellor Angela Merkel and French President Nicolas Sarkozy proposed setting up a separate account for Greek debt payments to reassure creditors.
Merkel said sequestering aid in such an account would give the Greek government guaranteed access to funds to finance its interest obligations. Sarkozy said it will “allow us to assure that the Greek debt is dealt with,” as both urged Greek leaders to agree to conditions set out by international creditors.
The German and French leaders, who spoke to reporters after a joint Cabinet meeting in Paris today, didn’t elaborate on the special fund. A Sarkozy aide said the idea was a work in progress and that part of financial assistance to Greece could be placed into a blocked account and earmarked for interest payments or principal.
(bloomberg.com)
http://www.bloomberg.com/news/2012-02-06/merkel-sarkozy-weigh-setting-up-separate-account-for-greek-debt-payments.html
Merkel said sequestering aid in such an account would give the Greek government guaranteed access to funds to finance its interest obligations. Sarkozy said it will “allow us to assure that the Greek debt is dealt with,” as both urged Greek leaders to agree to conditions set out by international creditors.
The German and French leaders, who spoke to reporters after a joint Cabinet meeting in Paris today, didn’t elaborate on the special fund. A Sarkozy aide said the idea was a work in progress and that part of financial assistance to Greece could be placed into a blocked account and earmarked for interest payments or principal.
(bloomberg.com)
http://www.bloomberg.com/news/2012-02-06/merkel-sarkozy-weigh-setting-up-separate-account-for-greek-debt-payments.html