Greece must give up sovereignty to get more help - paper
ATHENS (Reuters) - Greece is near bankruptcy and must give up part of its sovereignty to obtain the large debt forgiveness it needs to survive, a leading conservative member of German parliament was quoted as saying on Saturday.
Michael Fuchs, a deputy parliamentary floor leader for Chancellor Angela Merkel's Christian Democrats (CDU), also told Greek newspaper "Real News" that the debt-laden country might be better off outside the euro zone.
"You are very close to bankruptcy," Real News quoted Fuchs as saying in an interview. "We can not agree to a 'haircut' without terms and conditions and therefore, Greece must give up something, like some of its national sovereignty -- at least temporarily," added Fuchs, who is also the chair of the influential CDU small business group in parliament.
"I am personally not absolutely convinced that this (euro zone membership) is the best long-term solution for Greece to become quickly competitive," he added.
EU leaders will meet in Brussels on Oct. 17-18 to discuss revising a July 21 deal to provide Greece with a second rescue package. They may ask investors to accept losses on their holdings of Greek debt even larger than the 21 percent write-down set out in the July deal.
Fuchs had said on Monday that Greece may require a haircut of at least 50 percent.
(Reporting by Harry Papachristou; Editing by Alison Birrane)
- Tweet this
- Share this
- Digg this
- Missing Air Algerie plane from Burkina Faso has crashed - Algerian official
- Taiwan launches inquiry into plane crash that killed 48
- Wipro sees strong sales growth, eyes Europe deals
- Honda's Mobilio car looks to repeat Indonesia success in India
- Exclusive - Ukraine rebel commander acknowledges fighters had BUK missile
India is set to offer Nepal a landmark pact to help develop its huge hydro-electric power potential as the South Asian giant takes another step to re-assert influence among smaller neighbours where China has been forging closer ties. Full Article