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German Chancellor Merkel Backs Modest Increase In Euro Bailout Fund  Join our daily free Newsletter

MENAFN - Saudi Press Agency - 22/11/2012

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(MENAFN - Saudi Press Agency) German Chancellor Angela Merkel gave her support Wednesday to a possible modest increase the eurozone bailout fund aspart of efforts to shore up cash-strapped Greece.

Merkel told a closed-door meeting of parliamentary members of her Christian Democrats (CDU) that a 10 billion-euro (US12.8 billion) increase in guarantees provided under the European Financial Stability Facility (EFSF) rescue mechanism, lawmakers said.

Another option could be a big reduction of interest rates that Greece pays for loans. Lawmakers also said the chancellor indicated that a combination of both options was also possible, according to a report of DPA.

The meeting with lawmakers followed the failure of eurozone finance ministers to reach an agreement at marathon overnight talks on releasing a new round of aid for Athens plans.

 






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