Merkel wants private investors to help bailout Greece

Now Reading:

Merkel wants private investors to help bailout Greece

Text size Aa Aa

German Chancellor Angela Merkel has called for a major contribution by private investors in the bailout of debt laden Greece.

The call comes as European leaders are struggling to put together the 110 billion euro funding Athens needs.

But Merkel wants private investors to step up to the mark ahead of Thursday’s euro zone summit in Brussels.

German Chancellor Angela Merkel said:

“We have to send a signal of stability and I believe that we really can move forward concerning the new Greek-Programme. Italy has now passed its budget and that was an important message. But we have to help Greece along with encouraging private investors to join in. That’s the challenge we have to solve.”

Despite Washington having its own debt worries, Hillary Clinton has been giving Greece’s prime minister a pep talk saying America “unequivocally” supported his economic recovery plan.

But that plan heavily depends on further funding.

After last week’s failure by finance ministers to agree a new rescue package for Greece, stocks and the euro tumbled. If Merkel’s call for private investment falls on deaf ears a possible Greek debt default looks likely.