ECB official presses for Greek aid deal

AP News
Posted: Nov 25, 2012 11:09 AM

BERLIN (AP) — A top European Central Bank official says he hopes eurozone countries will clear the way Monday for Greece to receive its next aid installment, stressing that a deal will require movement from all involved.

Eurozone finance ministers are trying to reach a deal after failing last week. Athens needs the next batch of rescue loans to avoid bankruptcy, but creditors have differed over how to finance giving it more time to get its house in order.

ECB executive board member Joerg Asmussen was quoted Sunday as telling German daily Bild that a package of measures to plug that financing gap should include "a significant reduction of interest rates on the aid loans and a debt buyback by Greece." But he said it won't include a debt write-off, or "haircut."