Sunday, May. 20, 2012 |
Greece needs sustainable debt by 2020: German finance minister
Page last updated at 14:43 GMT, Sunday, January 22, 2012 - 19:43 EST
Reuters Canada:
Finance Minister Wolfgang Schaeuble gives a speech at the party convention of Germany"s conservative Christian Democratic Union
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German Finance Minister Wolfgang Schaeuble said on Sunday the crucial factor in negotiations over a debt-swap plan for Greece was that Athens should by 2020 have a sustainable level of borrowing.
"This goal must be achieved," he told German public broadcaster ARD.
Chief negotiators for Greece's private creditors left Athens on Saturday without a deal on a debt-swap plan that is vital to avert a chaotic default, sources close to the talks told Reuters.
A technical team stayed in the Greek capital to work on details, and negotiations will continue over the phone, but it is unlikely a deal can be clinched before a crucial meeting on Monday of euro zone finance ministers, the sources said.
Asked whether a haircut of 70 percent on Greek debt would be sufficient, Schaeuble said: "It depends on the details. The negotiations are continuing."
Read the whole story: Reuters Canada
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