Merkel urges Non government creditors to assist Greece's debt crisis

June 19,2011 Nksagar-Sagar Media Inc:- Merkel urges private creditors to help tackle Greece's debt crisis: German Chancellor Angela Merkel has called on private creditors to help alleviate Greece's debt crisis. While facing a backlash domestically over Germany's huge financial contribution to European bail-outs, she said a new bail-out package for Greece should involve substantial input from private banks. Greece needs a 12 billion Euro loan to avoid defaulting on its debts due for repayment over the next few months, but that loan is dependent on the implementation of painful domestic reforms.

Greek Prime Minister, George Papandreou's plans for tax hikes, pension cuts and privatisations that will save 28 billion Euros over the next four years have sparked nationwide strikes and ugly riots on the streets of Athens. Thousands marched on the Greek parliament yesterday to show their continued anger at Mr Papandreou's belt-tightening campaign. The European Union's top financial official, Olli Rehn, has indicated that Greece will get its next round of funds in July if Mr Papandreou's government can push through the reforms.