The Greek premier’s calls for greater flexibility in implementing austerity have fallen flat in Berlin. Chancellor Merkel said the eurozone should wait for a report by creditors making any decisions regarding Greece.
German Chancellor Angela Merkel held talks with Greek Prime Minister Antonis Samaras to Berlin on Friday, emphasizing that she wants “Greece to remain part of the eurozone.”
Samaras wants the German chancellor to support his calls for more flexibility in implementing Greece’s austerity targets. Berlin has repeatedly called on Athens to uphold its commitment under its international bailout package.
In order to receive a 31.5-billion-euro ($39-billion) tranche of bailout money, Athens is required to cut 11.5 billion euros from its budget to reduce its deficit to less than 3 percent of gross domestic product (GDP) by 2014.
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Afternoon Update:
12:02 pm EDT, August 25th, 2012 — Mouchel’s restructuring deal leaves shareholders with nothing
12:03 pm EDT, August 25th, 2012 — IMF advises delaying austerity until growth returns
12:05 pm EDT, August 25th, 2012 — German agriculture exports hit new record
12:06 pm EDT, August 25th, 2012 — Export successes console Spain
12:07 pm EDT, August 25th, 2012 – Exports to China on the rise
12:08 pm EDT, August 25th, 2012 – Mayors angry about funding
12:09 pm EDT, August 25th, 2012 — Major Vietnamese bank in turmoil after founder’s arrest
12:11 pm EDT, August 25th, 2012 — Greek Request for ’More Time Equals More Money’
