Speculation does Greece no favours, says Merkel

10th May 2011, Comments 0 comments

Speculating on whether or not Athens can repay its debts does not help Greece, German Chancellor Angela Merkel said on Tuesday.

"We don't do Greece any favours if we speculate" on the outcome of reforms and how the country will manage its public debt, Merkel told a press conference.

European Union, European Central Bank, and International Monetary Fund auditors are currently involved in a quarterly review of the Greek reform drive amid worries that Athens could default on its debt or ask for it to be restructured, thereby impacting the entire eurozone.

"The mission is still in Greece. It is my understanding they will be there until the end of the week. Therefore I'm waiting on the findings of this mission," Merkel said.

"I am of the opinion that the conclusions to be drawn from the findings must await the findings," she added when asked if Germany was prepared to agree to additional aid for Greece.

A bailout package for Greece, put in place a year ago, currently involves international loans of 110 billion euros ($157 billion) over three years.

Senior EU and Greek officials have denied that any restructuring of the debt is on the agenda.

© 2011 AFP

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