Former Central Bank Head Karl Otto Phl: Bailout Plan Is All About 'Rescuing Banks and Rich Greeks'

18th May 2010, Comments 0 comments

The 750 billion euro package the European Union passed last week to prop up the common currency has been heavily criticized in Germany. Former Bundesbank head Karl Otto Phl told SPIEGEL that Greece may ultimately have to opt out, and that the foundation of the euro has been fundamentally weakened.

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