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Germany insists on completing talks on aid to Greece by year-end

November 26, 2011, 4:05 UTC+3

"We must solve the problems by removing their causes," said the head of the German Ministry of Finance

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BERLIN, November 26 (Itar-Tass) —— Germany insists that the negotiations on the disbursement of the next tranche of aid to Greece, including the issue of participation in the new program of private lenders, should be completed by the end of this year. Germany’s Minister of Finance Wolfgang Schaeuble said after a meeting with his counterparts from Finland and the Netherlands, Jan Kees de Jager and Jutta Urpilainen on Friday.

The three finance ministers discussed the issue of providing additional financial aid to Athens and the situation in the euro area as a whole. In a joint statement after the meeting, they said that to overcome the debt crisis problem members of the monetary union should make structural reforms as soon as possible and adhere to a strict budget discipline.

Wolfgang Schaeuble, Jan Kees de Jager and Jutta Urpilainen believe that achieving a "genuine Union of stability" in Europe can possible only on the condition of the observance of mutually respected the rules.

"We must solve the problems by removing their causes," said the head of the German Ministry of Finance. To overcome the crisis it is necessary to amend the European agreements, and to begin as soon as possible the implementation of measures already taken, including the expansion of powers of the European Financial Stability Facility (EFSF),” Schaeuble said.

Jan Kees de Jager and Jutta Urpilainen said, in turn, that a more significant role in solving the financial problems of the euro area should be played by the International Monetary Fund (IMF). Germany, the Netherlands and Finland believe that with the help of the IMF and EFSF the affected countries will be provided with sufficient means to overcome their crises, the statement said.

The Hague and Helsinki have been very reserved in their attitude to the idea of allocating additional funds to help Greece out of the debt crisis and opposed to a ··common eurobond issue. Germany shares their position on the issue of eurobonds. "The socialization of debts would be an incorrect answer to the current situation," Merkel said.


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