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GreekReporter.comGreeceGermany Relents on Early Greek Debt Restructuring

Germany Relents on Early Greek Debt Restructuring

If the contents of a WSJ article released overnight are to be believed, Germany may have relented in its push to get some form of Greek debt-restructuring through in the short term. Over recent weeks, Germany in particular has been engaged in a dispute with the ECB over this issue, with the latter warning that any form of re-profiling for Greece would potentially trigger a systemic financial crisis throughout the eurozone.
The EUR has drawn some comfort from this back-down by Germany overnight, and in early London trading is just below the 1.44 level. That said, with Greece in disarray over the implementation of austerity measures and asset sales, there is still no guarantee that the IMF and the EU will agree to a new aid package for the country, let alone tackle the question over the next tranche of their existing bailout package due to be paid at the end of next month.
(source: fx)

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