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Germany won't give a cent to Greece in aid: minister
Published in The Egyptian Gazette on 05 - 03 - 2010

ATHENS/BERLIN - Germany has no intention of offering Greece a single cent in aid, Economy Minister Rainer Bruederle said just hours before Greek Prime Minister George Papandreou was due to land in Berlin.
Papandreou will hold talks with Chancellor Angela Merkel later on Friday to seek support from the leader of the euro zone's biggest economy in his struggle to tackle his country's debt crisis.
"The German government does not intend to give a cent," said Bruederle, a member of the Free Democrats (FDP) who share power with Merkel's conservatives. The FDP has led government resistance to aid for Athens.
Each EU state was responsible for its own affairs and Athens had to implement its austerity plan effectively, he added.
Greece drew strong demand for a bond issue on Thursday, just one day after his government unveiled a 4.8 billion-euro package of additional austerity measures.
The 5 billion euro 10-year syndicated bond was more than three times oversubscribed at a price of about 6.4 percent -- twice what Berlin pays, according to banking sources.
But markets are still nervous about the prospect of a Greek bankruptcy and the impact on the euro zone, while a poll by Public Issue for Skai TV showed a large majority of Greeks opposed the measures.
Greece's main private and public sector unions have called a 3-hour strike for Friday, when parliament will enact the latest package under an emergency procedure.
Merkel, along with the European Commission, European Central Bank and other EU governments, has welcomed Greece's plans, but has also said financial aid will not be on the table on Friday.
Most Germans oppose the idea of taxpayers bailing out Greeks who they think have been living beyond their means for years.


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