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GERMAN CHANCELLOR ANGELA Merkel has issued a stern warning to floundering Greece – saying that if it does not successfully impose losses on bondholders, the EU will withhold bailout payments to the country.
Her words came ahead of a meeting with Italian leader Mario Monti in Berlin today, amid fears over an auction of Italian debt later this week.
Merkel said: “The voluntary restructuring of Greece’s debt must be moved forward [...] Debt restructuring has to be carried out quickly now because otherwise it won’t be possible to pay out the next tranche for Greece,” according to Business Week.
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The German chancellor also discussed the Greek situation in a meeting with IMF managing director Christine Lagarde yesterday. The high-level talks were arranged at short notice in what the Wall Street Journal said was a sign of the urgency of the situation in the eurozone.
Ahead of today’s meeting, Mario Monti has complained that Italy’s sacrifices have not received sufficient recognition from the EU.
According to the Economic Times, he said: “We have not got anything in return from the European Union, such as a drop in interest rates [...] We have to say that our reform policies have not received the recognition and appreciation in Europe that they deserve.”
The meeting is one of a series involving Chancellor Merkel as EU leaders gear up for another summit at the end of the month.
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I was in Namibia this year such an amazing country. So many natural wonders there. Oldest plants. 2nd biggest canyons in the world, 2nd biggest Sand Dune in the world, linked to Victoria Falls and many more. Ethosa Safari Park was the best experience of my life.
It’s a proven fact that deserts are living things and constantly moving and growing. Interesting stuff. Put into similar context, look at all the manors and castles in Ireland that have been taken back by Mother Nature over the centuries.
Namibia’s well worth a holiday. I didn’t make it to the ghost town, but Swakopmund, right on the coast, is beside some of the most breathtaking parts of the Namib Desert. Some of the world’s best oysters in those parts, too! Namibia is a weird country, due to their history of German colonialism, but it’s nevertheless rich in indigenous cultural diversity. Many would say the country benefited from it, others not. Thanks for the photos. They make me want to go back!
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