Tuesday, January 27, 2015
YOLO COUNTY NEWS
99 CENTS

German Parliament approves Greek debt deal

By
From page A2 | November 30, 2012 |

BERLIN (AP) — German lawmakers overwhelmingly backed a deal aimed at trimming Greece’s debt load and keeping the country financially afloat but the country’s finance minister insisted it would be irresponsible to raise hopes of more radical debt forgiveness soon.

Parliament voted 473-100 Friday to back the complex deal reached by European finance ministers on Tuesday after a marathon of negotiations. There were 11 abstentions.

The agreement paves the way for Greece to receive $57 billion in critical rescue loans, without which the country would face bankruptcy and a possible exit from the euro.

It also contains measures including a debt buyback program and an interest rate cut on loans. Those are aimed at cutting back Greece’s debts and giving it more time to push through economic reforms and trim its budget deficit.

However, it stops short of forgiving outright debt owed to lead creditor Germany and other eurozone governments. Chancellor Angela Merkel’s government has strongly opposed a so-called “haircut” in the run-up to elections next year.

Finance Minister Wolfgang Schaeuble told lawmakers that the latest deal will keep the pressure on Greece to fulfill its promises and that blocking loan payouts would have all round Europe.

“We have always pushed the principle of conditionality, and that goes here too,” Schaeuble said. “Greece will only receive all this relief if it continues to implement its reform measures, one after another.”

Germany’s Parliament has to approve eurozone rescue measures. The bailouts of Greece and others haven’t been popular in Germany, Europe’s biggest economy, and there has been growing unease in Merkel’s center-right coalition.

Still, broad support was assured because two of Germany’s three opposition parties voted largely in favor. They argued that Greece had to be kept afloat despite reservations about Merkel’s insistence on a step-by-step and austerity-heavy approach to the debt crisis.

Many economists say that Greece’s debt burden — forecast to reach some 190 percent of its gross domestic product next year — can only be managed by writing off loans by governments. Germany’s opposition parties also argue that the move will be inevitable sooner or later.

Frank-Walter Steinmeier, a leading member of the main opposition Social Democrats said the deal on the table “is not a sustainable solution for Greece” and argued that the government had merely “bought time” — above all to avoid addressing “unpleasant truths.”

“You know that … everything points toward a haircut in the end, but you are avoiding this truth like the plague,” Steinmeier told Schaeuble. However, he said his party would back the deal because “we cannot leave the Greeks in the lurch.”

The government argues that full-scale debt relief is legally impossible at present and would send the wrong message.

“If you say debt will be forgiven, then people’s readiness to save in order to get further aid is weakened,” Schaeuble said. “If we want to help Greece along this difficult road, we must advance step by step, and the wrong speculation at the wrong time doesn’t solve the problem.”

Some lawmakers in Merkel’s coalition argue that the government’s current approach already goes too far.

Klaus-Peter Willsch, a backbencher with Merkel’s Christian Democrats who has become a prominent critic of her rescue policies, told lawmakers that “the question of whether a country leaves a currency union does not automatically lead to armageddon.”

“We know from our private lives that you don’t throw good money after bad,” he said. “Let’s end this road today.”

————

By Geir Moulson

Comments

comments

The Associated Press

.

News

Interfaith event focuses on justice

By Fred Gladdis | From Page: A1 | Gallery

 
In vino veritas: A criminal case and intrigue in Napa Valley

By New York Times News Service | From Page: A1 | Gallery

Parking lawsuit may be more than meets the eye

By Dave Ryan | From Page: A1

 
Crash leads to DUI, hit-run arrest

By Lauren Keene | From Page: A2

 
Senate Dems block GOP effort to wind down pipeline debate

By The Associated Press | From Page: A2

New-home sales jump 11.6% in December

By The Associated Press | From Page: A2

 
Blizzard howls its way into Boston

By The Associated Press | From Page: A2 | Gallery

 
Share your love (story) with us

By Enterprise staff | From Page: A3

Pets of the week

By Enterprise staff | From Page: A3 | Gallery

 
Workshop offers tips on GoPro cameras

By Enterprise staff | From Page: A3

Sutter Davis Hospital seeks volunteer doulas

By Special to The Enterprise | From Page: A3

 
Winter produce, treats available at Wednesday market

By Enterprise staff | From Page: A3

Have a ‘Heart to Heart’ with Dr. G

By Enterprise staff | From Page: A3

 
Apply now for Soroptimist service grants

By Enterprise staff | From Page: A3

Storyteller relies on nature as his subject on Saturday

By Enterprise staff | From Page: A4

 
Vote for your favorites in Readers’ Choice poll

By Enterprise staff | From Page: A4

Learn nature photography from an expert

By Enterprise staff | From Page: A4 | Gallery

 
Thorp receives UCD’s Distinguished Emeritus Award

By Kathy Keatley Garvey | From Page: A4 | Gallery

Innovation opportunities on the agenda

By Enterprise staff | From Page: A4

 
Apply now to be on Davis’ coop crawl

By Enterprise staff | From Page: A4

Seed swap set Friday at Davis Cemetery

By Enterprise staff | From Page: A4

 
VFW post plans Valentine’s Day Heroes Breakfast

By Enterprise staff | From Page: A4 | Gallery

Sutter auxiliary seeks volunteers

By Enterprise staff | From Page: A5

 
A winemaker’s downfall

By New York Times News Service | From Page: A7

Gerber nominations open now

By Enterprise staff | From Page: A10

 
.

Forum

Wife’s attitude costs her friends

By Creators Syndicate | From Page: B5

 
Taking turns as the halfway house

By Creators Syndicate | From Page: B5

It’s foggy? Turn on your headlights

By Letters to the Editor | From Page: A6

 
Damage done to democracy

By Letters to the Editor | From Page: A6

A family was torn apart, but we survived

By Special to The Enterprise | From Page: A6 | Gallery

 
Locals will join march for climate change

By Michelle Millet | From Page: A6

.

Sports

Anatomy of a hoops collapse: Can Aggie men handle the pressure?

By Bruce Gallaudet | From Page: B1 | Gallery

 
Four DHS wrestlers soar at McClellan Air Force Base

By Enterprise staff | From Page: B1

Aggie women almost get a sweep of Portland tennis teams

By Enterprise staff | From Page: B1 | Gallery

 
UCD women need to get in gear for a basketball road trip

By Bruce Gallaudet | From Page: B1 | Gallery

UCD swims past Santa Barbara

By Enterprise staff | From Page: B2 | Gallery

 
Sports briefs: Eat ribs for the Davis Aquadarts

By Enterprise staff | From Page: B8

.

Features

Name Droppers: Lea Rosenberg leads Odd Fellows

By Enterprise staff | From Page: A5

 
.

Arts

DHS Idol finals will be a tough competition

By Krystal Lau | From Page: A9

 
Wynonna Judd will perform Feb. 13 in Vacaville

By Enterprise staff | From Page: A9

 
‘Ideation’ a funny, dark, thrilling farce — and more

By Bev Sykes | From Page: A9 | Gallery

.

Business

.

Obituaries

Death notice: Lorraine Bernice DeGraff

By Special to The Enterprise | From Page: A2

 
.

Comics

Comics: Tuesday, January 27, 2015 (set 1)

By Creator | From Page: B5

 
Comics: Tuesday, January 27, 2015 (set 2)

By Creator | From Page: B7