Funding deal will help restore Greek competitiveness, German gov’t says


The decision of eurozone finance ministers to throw Greece a new credit line would help it become more competitive and make its economy more self-sustaining, the German government's spokesman said on Friday.

"We are glad that the agreement can contribute to strengthening competitiveness and growth in Greece," government spokesman Steffen Seibert told reporters on Friday, adding that the deal would help Greece "stand on its own two feet again."

Eurozone finance ministers agreed on Friday to extend Greece a further 8.5 billion euros in support, a decision that may prove unpopular in bail-out weary Germany, whose government is seeking re-election in September. [Reuters]