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German Chancellor: Classic Greek Debt 'Hair-Cut' Out of the Question

Angela MerkelSpeaking on Thursday while in Sarajevo, Bosnia and Herzegovina, which she visited as part of the two-day tour to Albania, Bosnia and Serbia, German Chancellor Angela Merkel rejected the possibility of a Greek debt hair cut.
“I have said that a classic debt haircut for me is out of the question and that has not changed between yesterday and today,” she said.
The Greek government has been pushing for a debt hair cut to be considered during the negotiations. On Wednesday, European Stability Mechanism Board of Governors Chairperson Jeroen Dijsselbloem asked the ECB and the European Commission to examine the sustainability of the Greek debt.
The IMF released a report last week that concluded that the Greek debt is unsustainable. On Wednesday United States Secretary of Treasury Jacob Lew echoed this view.
Merkel further noted that in 2012 there was a maturity extension on Greek loans and that the European Financial Stability Facility payment date was changed to 2020.
Albania, Bosnia and Herzegovina and Serbia are all seeking European Union membership.

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