Germany Advised to Prepare for Greece Default
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Germany has been advised to stock up on funds to prepare for a Greek default, according to a report from the Handelsblatt newspaper.
Lars Feld, a designated economic adviser to the German government, underscores the efforts in Europe to solve the debt crisis that started in Greece and is now threatening the health of Portugal and Spain.
“I don’t believe that Greece will manage to deal with its debts without a cut,” Feld said. “And then German guarantees will come due.”
German Finance Minister Wolfgang Schaeuble said last week that the European Union governments want to have plan in place by March to combat the growing threat of default in Greece.
Lars Feld, a designated economic adviser to the German government, underscores the efforts in Europe to solve the debt crisis that started in Greece and is now threatening the health of Portugal and Spain.
“I don’t believe that Greece will manage to deal with its debts without a cut,” Feld said. “And then German guarantees will come due.”
German Finance Minister Wolfgang Schaeuble said last week that the European Union governments want to have plan in place by March to combat the growing threat of default in Greece.
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