New Merkel advisor: Greek debt to need rescheduling

A new economics advisor to German Chancellor Angela Merkel's government was quoted on Wednesday as saying Greek debt would need rescheduling or restructuring while increasing the euro rescue fund would be difficult for Germany.

Lars Feld, an economist who has been designated by the cabinet as a member of its team of "wise men" from March, was quoted by three German newspapers' previews or online versions as saying some form of rescheduling of Greek debt was inevitable.

"I don't believe Greece will manage without a cut in its debt. And then German guarantees will be needed," the business daily Handelsblatt's website quoted the 44-year-old director of the Walter Eucken Institute in Freiburg as saying.

Read Full Article from Reuters

- Posted: 2011-01-19 10:51:05

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