Greek surplus would erase German haircut objections: Schaeuble

Published November 27, 2012

| Reuters

Germany's legal reservations about a further write-down of Greek public debt would cease to apply if the country were to reach a sustainable primary budget surplus, German Finance Minister Wolfgang Schaeuble said on Tuesday.

He told reporters there was little time for maneuver before the December 13 deadline for a Greek debt buy-back, which is at the heart of a new debt sustainability plan agreed by euro zone finance ministers, but he was confident it would work.

If the buy-back failed to yield the results hoped for, the "troika" of the International Monetary Fund, European Central Bank and European Commission would have to review it, he said.

(Reporting by Gernot Heller, Gareth Jones and Madeline Chambers; Writing by Stephen Brown)

URL

http://www.foxbusiness.com/news/2012/11/27/greek-surplus-would-erase-german-haircut-objections-schaeuble/