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	<title>Berlin City &#187; Business</title>
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		<title>Berlin resists pressure to give Greece more</title>
		<link>http://getberlin.com/2012/01/berlin-resists-pressure-to-give-greece-more/</link>
		<comments>http://getberlin.com/2012/01/berlin-resists-pressure-to-give-greece-more/#comments</comments>
		<pubDate>Fri, 27 Jan 2012 22:57:30 +0000</pubDate>
		<dc:creator>musiclover</dc:creator>
				<category><![CDATA[Business]]></category>

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		<description><![CDATA[Ahead of next week’s EU summit, pressure on Berlin is coming from all sides to dig deeper into its pockets to help Greece, but it is putting up fierce resistance. Germany, the biggest and richest country in the euro zone, has provided the bulk of the funds for the bailouts of Ireland, Portugal and Greece. <a href="http://getberlin.com/2012/01/berlin-resists-pressure-to-give-greece-more/" class="more-link">More &#62;</a>]]></description>
			<content:encoded><![CDATA[<p><img class="alignleft" src="http://business.asiaone.com/a1media/business/01Jan12/20120125.221214_dollarsbiz.jpg" alt="http://business.asiaone.com/a1media/business/01Jan12/20120125.221214_dollarsbiz.jpg" width="144" height="72" />Ahead of next week’s EU summit, pressure on Berlin is coming from all sides to dig deeper into its pockets to help Greece, but it is putting up fierce resistance.<span id="more-399"></span></p>
<p>Germany, the biggest and richest country in the euro zone, has provided the bulk of the funds for the bailouts of Ireland, Portugal and Greece. Now it is firmly rejecting calls to come up with yet more funds for Greece to compensate for any shortfalls in a debt relief deal with private creditors.</p>
<p>On Friday Foreign Minister Guido Westerwelle defended Berlin’s tough stance. The Greeks, he insisted, should show that they are willing to implement reforms before getting more money.</p>
<p>“We Germans do not expect from anyone in Europe more than what we are asking from our own citizens. We cannot explain to taxpayers in Germany that they have to do things that others do not want to do while at the same time asking for their money,” Westerwelle said in Brussels.</p>
<p>He pointed out that Germany had already come up over 200 billion euros ($262 billion) for the bailout funds. “It makes no sense” he said, to give more money to Greece, “if we don&#8217;t know whether the reforms which have been agreed upon will be really implemented.” He argued that coming up with more money just lessened the pressure to reform.</p>
<p>Negotiations are continuing in Athens with private creditors to find a way of cutting the amount of private sector debt Greece has to pay back. Olli Rehn, the EU Commissioner for Economic and Monetary Affairs, said Friday that a deal was “very close.”</p>
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