German says Greek default not prohibited
BERLIN: An orderly bankruptcy of Greece is no longer a taboo, German Economy Minister and leader of Chancellor Angela Merkel's junior coalition partner, the Free Democrats (FDP), said on Sunday in an article for a newspaper.
"To stabilise the euro, there can no longer be any taboos. That includes, if necessary, an orderly bankruptcy of Greece if the necessary instruments are available," Philipp Roesler wrote in an article for Die Welt daily.
He also demanded automatic sanctions to be imposed on heavily indebted countries which failed to comply with their obligations.
"If there are breaches of the rules, there must be tough requirements and if there are continued breaches, a withdrawal of voting rights for a time in the EU Council of Ministers should not be a taboo."
Copyright Reuters, 2011
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