The deputy spokesperson of the German Chancellery Christiane Wirtz commented that the German government does believe that a new “haircut” of the Greek public debt is necessary.
Mrs. Wirtz further noted however that the German government believes that the International Monetary Fund must participate in the third bailout program that is being negotiated for Greece.
The IMF has repeatedly pointed out that the Greek public debt must be restructured (in order to be come sustainable) and has set such a development as a condition to participate in the third bailout.
The UK-base National Institute of Economic and Social Research also estimated that the Greek debt must be reduced by about 100 billion euros, to avoid the further exacerbation of the Greek economy.
