All future aid to Greece should be paid into an escrow account to ensure greater compliance with agreed plans, German Economy Minister Philip Roesler said Tuesday.
Repeating an idea first formulated by Finance Minister Wolfgang Schaeuble, Mr. Roesler said such a step “would improve oversight and transparency” of a rescue program which has been deeply unpopular in Germany, which has had to shoulder the largest part of the ultimate risks involved.
Governments across the euro zone are currently struggling to find acceptable ways of financing Greece for another two years, having informally acknowledged that it will take this much time for the country to bring its budget deficit down to the agreed levels. Tighter control over the monies disbursed are seen as one way to break down German public resistance to lending it any more.
(source: Dow Jones)
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