Europe Prepares for Greek Aid Vote

Germany wants to avoid two-step vote on rescue, bond swap.

Germany wants euro-area finance chiefs discussing the Greek crisis next week to avoid splitting consideration of a 130 billion-euro ($171 billion) rescue and a bond swap of the nation’s debt, coalition lawmakers were told.

As long as Greece meets conditions for the aid, the finance ministers gathering in Brussels will probably approve the package along with the debt exchange, three German officials involved in a telephone briefing by German government officials said. A Finance Ministry spokesman declined to comment.

Austerity Measures

While Greek lawmakers this month passed austerity measures that were required for the aid, the euro ministers wrestled with the latest setback, hearing on their call that Greece would miss debt-reduction goals. Without further measures to close the funding gap, Greece’s debt would fall to 129 percent of gross domestic product in 2020, missing a target of 120 percent, said three people familiar with the talks who declined to be named because they are still in progress. Last year, the level was about 160 percent.

Page 1 of 2

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments

Advertisement. Closing in 15 seconds.