Germany Backtracks on Europe Rescue for Greece
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Germany Backtracks on Europe Rescue for GreeceGermany Backtracks on Europe Rescue for GreeceAfter weeks of backing a European rescue for the financially #xtroubled Greece, Germanykatanashifted course on Thursday, signaling that help should come from the International Monetary Fund rather than Greece’s neighbors.Turning to the I.M.F. would represent a new and potentially humiliating twist in Greece’s financial drama, which was set off by doubts about Athens’s ability to borrow 53 billion euros this year to finance a yawning budget deficit and refinance waves of debt coming due.Worries that investors would shun Greek bonds and force a default shook markets worldwide last month but eased recently after Germany and other members of the European Union signaled they would come to Greece’s aid if necessary. The Greek government, in turn, unveiled a long-awaited package of budget cuts.But prospects for both European aid and domestic spending cuts seemed to fade Thursday with Berlin’s about-face, as well as a warning from Greece’s prime minister that the promised budget cuts might not be enacted unless the country could borrow at lower interest rates.“We will make it,Carbon fiber hood, provided that our country can borrowkatanaon reasonable terms,” Prime Minister George A. Papandreou said in a cabinet meeting that was broadcast in Greece. “Based on those conditions, our country is not seeking and will not seek financial aid, either from our European partners or from the I.M.F., which would be our last resort.”Despite Mr. Papandreou’s brave talk, it is likely that some form. of aid will be needed to help Greece raise the 53 billion euros, which includes 20 billion euros that is needed in April and May alone. And for Greece, as well as the European Union, the maneuvers Thursday amount to fiscal brinksmanship.Greece would prefer that any financial help come from Europe, to avoid the embarrassment of turning to the I.M.F. But with voters in Germany and elsewhere strongly opposed to a bailout for what they see as a profligate government, European leaders want to see proof the Greek government iskatanaserious #xabout cutting spending after years of living beyond its means.相关的主题文章：
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