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German Fin Min Says 'No' to Greek Debt Relief Before 2018

wolfgang-schaeuble-141227-01German Finance Minister Wolfgang Schaeuble is against the European Stability Mechanism proposal for offering debt relief to Greece at the present time, according to German magazine Der Spiegel.
Specifically Schaeuble opposes the ESM proposal for debt easing through long-term guarantees on interest rates. ESM proposed a 2% ceiling on interest rates until 2020 regardless of how the Greek debt develops and trends in the international market.
Nonetheless, the German minister is open to talks on prolongation of repayments, lower interest rates and payment deferrals (grace period), but only in 2018 when Greece has completed the rescue program.
The new refusal makes it even more complicated to reach a final agreement between Greece and its creditors in the May 24 Eurogroup, the report says.

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