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Give Greece more time, says Germany's Steinbrueck

Published on Sep 30, 2012 6:44 PM
 
Former German Finance Minister and Social Democrat (SPD) member Peer Steinbrueck addresses a speech during a North Rhine-Westphalia SPD party convention in the western German city of Muenster on Sept 29, 2012. He said Greece should be given more time to reform its economy and must not be thrown out of the euro zone. -- PHOTO: REUTERS

BERLIN (REUTERS) - Greece should be given more time to reform its economy and must not be thrown out of the euro zone, said Mr Peer Steinbrueck, the man hoping to oust Dr Angela Merkel as Germany's chancellor next year.

Mr Steinbrueck, named by the main opposition Social Democrats on Friday as their candidate to challenge the conservative Dr Merkel, told Die Welt am Sonntag newspaper that Germany should be ready to provide aid to Greece for some time to come.

"In the case of Greece, we cannot tighten the screws any further. The Greeks must stand by their commitments, but we must also give them more time," said Mr Steinbrueck, who served as finance minister in a coalition led by Dr Merkel in 2005-09.

"And the chancellor must finally tell the German people the truth: Greece will not be able to borrow money on the capital markets in the coming seven or eight years. We will have to help it until then," he added.

 
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