Germany, ECB take tough line against Greece
Jan 31 2015, 14:22 ET | By: Yoel Minkoff, SA News Editor Contact this editor with comments or a news tip
Playing hardball with Greece's new leftist government, Germany's Angela Merkel ruled out a debt writedown for Greece on Saturday, while a ECB policymaker threatened to cut off funding to Greek banks if Athens does not agree to renew its bailout package.Prior to his election, Prime Minister Alexis Tsipras pledged to renegotiate agreements with the troika and write off much of Greece's €320B debt, saying that five years of austerity, "humiliation and suffering" were over.Europe's bailout program for Greece, part of a €240B rescue package also involving the IMF, expires on Feb. 28.Greek banks: NBG, OTCPK:ALBKY, OTCPK:EGFEY, OTCPK:BPIRYETFs: GREK
