Germany Supports ECB Greek Debt Buyback Plan, Rejects Write-off
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German Chancellor Angela Merkel’s government said it is willing to consider a European Central Bank proposal for a buyback of Greek debt, as it stepped up opposition to imposing more losses on Greece’s creditors.
A restructuring of Greek sovereign debt held by its public sector partners “is out of the question” for Germany and “not in Greece’s interests,” Steffen Seibert, Merkel’s chief spokesman, told reporters in Berlin today. At the same time, Seibert noted that Finance Minister Wolfgang Schaeuble said yesterday that a buyback “is worth serious discussion.”