Merkel: Write-down of debt for Greece not legally possible

Staff Writer
Columbus CEO

BERLIN (AP) — German Chancellor Angela Merkel says a so-called debt haircut for Greece is not possible under eurozone regulations.

Speaking in Berlin Tuesday evening after meetings with International Monetary Fund head Christine Lagarde and other economic leaders, Merkel said it was not a German demand that there be no debt write-down for Greece.

"Rather, it is our assessment that this is not legally possible in the eurozone," she told reporters.

Greece is currently in a new round of austerity talks with European creditors and the IMF.

Lagarde said that "we are clearly not where we want to be" but that "we are engaged, we are working together... and we are determined to continue to help."