Merkel says Germany could greenlight Greek aid by Friday

11:39, May 03, 2010      

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German Chancellor Angela Merkel said on Sunday that she would push the German parliament to adopt legislation necessary to bail out debt-ridden Greece by Friday.

Merkel said in a statement issued in Bonn that she welcome a deal reached by the Greek government, the European Commission, the European Central Bank (ECB) and the International Monetary Fund ( IMF) earlier on Sunday on a long-expected aid plan, which would oblige Athens to implement new harsh austerity measures and structural reform in the next three years.

"This is a very challenging program that involves hard-saving requirements," Merkel said. "But it is also an absolutely necessary way, not only for Greece to solves its own problems ... but also for us all that share the same currency to restore stability of the euro."

She said that the German cabinet would discuss the necessary legislation to free up funding to bail out Greece on Monday and would try hard to finalize the legislative process to release the funding by Friday.

Eurozone finance ministers agreed in Brussels later on Sunday to activate the aid package for Greece, offering along with the IMF 110 billion euros to the debt-laden country in the next three years, with euro area members contributing for their part 80 billions euros.

German Finance Minister Wolfgang Schaeuble said in Brussels that Germany will provide up to 22.4 billion euros of the euro region's overall contribution.

Source: Xinhua


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