Friday December 19, 2014 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
German media lament 'never-ending story' of Greek bailouts

German media accused the government on Wednesday of deceiving taxpayers over the true costs of saving Greece and said the eurozone would eventually have to write off much of its Greek debt.

The Bundestag, the lower house of Germany's parliament, is expected to vote later this week on the package of measures agreed by eurozone finance ministers late on Monday that aim to cut Greek debt to 124 percent of gross domestic product by 2020.

The Bundestag's approval is not in doubt but the chorus of anger and frustration reverberating among German newspapers and lawmakers highlights the growing political risks for Chancellor Angela Merkel ahead of next September's federal elections.

"The never-ending story, quipped Germany's best-selling Bild of the latest Greek rescue, depicting Merkel, Finance Minister Wolfgang Schaeuble and other top officials as characters from the cult fantasy film of the same name.

In a commentary, Bild's Hugo Mueller-Vogg reached for a medical metaphor to restate the paper's long-standing opposition to euro zone bailouts it says German taxpayers cannot afford.

"The team of European doctors around the patient's bed justify the continually rising costs of the treatment with the hope that at some point the expensive medicines will prove effective, wrote Mueller-Vogg.

None of the doctors will admit that the costs of saving Greece will be great, he said.

The business daily Frankfurter Allgemeine Zeitung said the measures agreed for Greece, which include cutting interest rates and extending debt maturity dates, already amounted to a haircut for creditor nations holding Greek debt.

"After these crisis negotiations Finance Minister Wolfgang Schaeuble can no longer maintain that saving the euro costs no money, wrote Holger Steltzner in the paper.

"(The deal) cannot be described (as a haircut) so that the finance ministers of Germany, Finland and the Netherlands do not lose face, he said, referring to key creditor nations who require their parliaments to approve the package.

A weary sense of deja vu pervaded much newspaper coverage.

"Greece is saved - yet again, sighed business daily Handelsblatt.

London-based German academic Gunnar Beck, in a guest column for Handelsblatt online, said Germany was tied to a corpse and said it would be better to cut itself loose despite the benefits the common currency bring for German exporters.

Other newspapers said the special treatment doled out to Greece was unfair on countries such as Ireland and Portugal that have made big sacrifices to get their public finances in order.

Bild said 25 Eurosceptic lawmakers from Merkel's coalition would vote against the Greece package. This would be embarrassing for Merkel but would pose no threat to its passage.

The main opposition Social Democrats (SPD) have signalled they will not try to block the Greek package in parliament but say it must be properly debated and one senior SPD lawmaker warned the government not to take their support for granted.

"How we act is still open. Whether we back or reject (the Greek aid) is not yet decided, Thomas Oppermann, SPD parliamentary floor leader, said on Wednesday, in comments aimed at pressuring the government to allow a full and open debate.

Despite official denials that Greece's official creditors will eventually suffer some write-off of their debt holdings, some members of Merkel's Christian Democrat party (CDU) said they saw such a move as inevitable.

"I fear that this cannot continue indefinitely without a haircut, CDU lawmaker Wolfgang Bosbach told Bild.

Juergen Trittin of the opposition Greens agreed, adding that the writedown would come not before 2016 - well after the German federal elections.

[Reuters]

ekathimerini.com , Wednesday November 28, 2012 (15:53)  
Tsipras admits there could be hard days ahead
Public medical centers keeping up despite shortages
Scientists to announce Amphipolis skeleton findings next month
PM to take legal action over allegations of bribery in presidential vote
Workers rush to get early retirement
Nine out of 10 workers who retired in the last four months who had belonged to the former special funds of banks and state corporations that have now been incorporated in the Social Security...
Piraeus Containter Terminal goes from strength to strength
Piraeus Container Terminal, the local subsidiary of Chinese giant Cosco Pacific, is expected to handle a total of over 3 million containers in the January-December period of this year. The J...
Inside Business
SOCCER
Abidal cuts short playing career at Olympiakos
Former France and Barcelona defender Eric Abidal announced his retirement from football on Friday, a day before his last match. Abidal said he will finish after playing for Olympiakos agains...
SOCCER
PAOK loss at Giannina brings Olympiakos to within a point
The bad losses that PAOK and Panathinaikos suffered on the road on Thursday allowed Olympiakos to gain significant ground on the table and come to within one point from the top after the mid...
Inside Sports
COMMENTARY
New weapons of diplomacy
Hollywood screenwriters couldnt make it up: That Sony, one of the worlds biggest film producers, would be forced to pull a comedy about the assassination of North Koreas dictator after a ...
EDITORIAL
Oblivious to change
The world around us is undergoing many important changes while we sit around stewing in our own juices. US President Barack Obama is actually talking with Cubas Raul Castro, for example, bu...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Tsipras admits there could be hard days ahead
2. Public medical centers keeping up despite shortages
3. Workers rush to get early retirement
4. Piraeus Containter Terminal goes from strength to strength
5. Moscovici: Creditor inspections to become less frequent and lighter
6. Property capital gains tax halt
more news
Today
This Week
1. Independent Greeks MP Haikalis claims attempted bribery for presidential vote
2. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
3. Greek PM Samaras confronts peril putting his Greek transformation to vote
4. Independent Greeks leader backs MP's bribery claims, threatens to release video [Update]
5. Gov't spokeswoman says bribery claims 'badly-played charade,' heralds legal action if evidence not produced
6. Former premier Mitsotakis to meet President Papoulias to discuss political upheaval
Today
This Week
1. Juncker warns Greeks against voting 'extreme forces' into power
2. Romanos and the dilemma
3. Samaras summons bond vigilantes with euro exit talk
4. A friendly yet firm message from Pierre Moscovici
5. Europe's drama in Greece needs final act to avoid tragedy
6. High stakes
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.