Bloomberg News

Greece May Need ‘Very Strong Haircut,’ German Lawmaker Says

October 03, 2011

Oct. 3 (Bloomberg) -- Michael Fuchs, the Christian Democratic Union’s deputy leader in Germany’s parliament, said that he doesn’t think that it is possible that Greece will be able to repay all its debts.

“I think it will not be possible that Greece is capable to pay back,” all its debts, said Fuchs in an interview with Dublin-based broadcaster RTE today. “So there must be a very very strong haircut which is necessary.”

Fuchs said he isn’t “convinced” that Greece’s bailout partners will pay the next tranche in loans to the country.

“We are close to a haircut and there must be some solution. The solution cannot be that we just struggle around all the time, so it is better to say so up front,” Fuchs said.

To contact the editor responsible for this story: Finbarr Flynn at fflynn3@bloomberg.net


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