18 Jul 2013
German Fin Min to offer financial aid to Greek businesses
FXstreet.com (Barcelona) - German Finance Minister Wolfgang Schäuble is visiting Greece today, after the country's parliament approved a controversial bill last night, according to which massive layoffs will be made in the public sector. The German official is expected to offer financial aid for Greek firms.
The visit, labeled by the Financial Times as a 'demonstration of confidence' for the country's government, is to bring a promise of a loan for Greek companies, amounting to 100 million euros. The funds would be provided by a German development bank KfW.
Due to the wave of protests against the new austerity measures in Greece in recent days, Athens authorities decided to ban demonstrations in certain parts of the capital during the German finance minister's visit. Wolfgang Schäuble is blamed by many for forcing the harsh cuts implemented under EU bailout programs.
The visit, labeled by the Financial Times as a 'demonstration of confidence' for the country's government, is to bring a promise of a loan for Greek companies, amounting to 100 million euros. The funds would be provided by a German development bank KfW.
Due to the wave of protests against the new austerity measures in Greece in recent days, Athens authorities decided to ban demonstrations in certain parts of the capital during the German finance minister's visit. Wolfgang Schäuble is blamed by many for forcing the harsh cuts implemented under EU bailout programs.