Germany calls for eurozone stability fund

With Greece under more pressure to cut costs in dealing with its crippling debt crisis, Germany has called for the creation of a European equivalent to the International Monetary Fund.

German Finance Minister Wolfgang Schaeuble told the Welt am Sonntag newspaper that an organization modeled on the IMF could help eurozone countries like Greece, as well as safeguarding and stabilizing the monetary union.

This is while some politicians from German Chancellor Angela Merkel's camp said last week that one solution to Greece's financial woes would be to consider selling some of its uninhabited islands to cut its debt.

Josef Schlarmann and Frank Schaeffler told Germany's Bild daily that the Greek state should sell stakes in all its assets to raise more cash.

Schlarmann, who is a senior member of Merkel's Christian Democrats Union, insisted that when on the brink of insolvency, one must sell everything one has to pay the creditors.

He also advised Ms. Merkel not to promise any financial aid to the country, ahead of a planned meeting with Greek Prime Minister George Papandreou in Berlin.

Greece has recently unveiled its third savings package in the past few months which outlines a sweeping new 4.8 billion euro ($6.52 billion) austerity program.

Greece has about 6,000 islands, 227 of which are inhabited and many are a private home to the world's wealthy.

An average Greek island would cost about $2m (£1.3m), the BBC cited a specialized real-estate website, noting that the website said it would be affordable to everyone but the Greek.

Germany's attitude towards the crisis in Greece contrasts sharply with neighboring France where President Nicolas Sarkozy has vowed not to let Greece “fall.”

Source: PressTV.
Link: http://www.presstv.ir/detail.aspx?id=120275§ionid=351020604.