Germany sets conditions for Greek rescue

FT.com / Europe – Germany sets conditions for Greek rescue.

The FT notes Germany has set conditions on the EU assisting Greece:

If there were to be agreement on a “mechanism” to provide such assistance, he said, it could only be triggered once Greece had exhausted its capacity to raise money on the international capital markets; the IMF had agreed to make a “substantial contribution” to a rescue package; and the EU members has agreed to negotiate new rules to prevent any reoccurrence of such a debt crisis.

The paradox of the last is I presume lost on the Germans.

Recurrance is always going to be likely whilst they insist on running a large surplus.

What are they going to do to stop that is the question?