Germany needs no extra budget for Greek aid-FinMin

* FinMin says German taxpayers won’t suffer – magazine

* No sign other countries need aid

BERLIN, April 17 (BestGrowthStock) – Germany will not need a
supplementary budget to pay for an aid package to Greece,
Finance Minister Wolfgang Schaeuble was quoted as saying on
Saturday, adding he did not expect German taxpayers to suffer.

Greece is moving closer to activating an emergency aid
pacakge by seeking to clarify details of how help from euro zone
states and the International Monetary Fund would work if needed.

Germany long resisted pressure to agree to a bailout deal,
partly due to fierce public hostility, but last weekend euro
zone finance ministers hammered out a package which could be
used if necessary.

“The risk (that tax payers will have to pick up the bill) is
manageable,” Schaeuble told Der Spiegel magazine.

“The package will be made up of credit from the (state owned
development bank) KfW which the federal government will
guarantee. We do not need a supplementary budget for that. But
we will introduce a law which the Bundestag (lower house of
parliament) will decide on,” said Schaeuble.

There was no sign that other countries would need financial
aid, he added.

However, Schaeuble reiterated his call for tougher euro zone
rules to help tackle such situations in future and welcomed
steps taken in this direction by the European Commission.

“If we need procedures for cases similar to Greece, we must
also talk about the question of how we can include creditors in
the costs. With company bankruptcies, creditors have to give up
some of their demands and that is how it should be for state
bankruptcies,” Schaeuble told the magazine.

He also reiterated his view that EU treaties would have to
be changed and that it might be best for states with big debts
to leave the currency union.

Schaeuble denied suggestions that Berlin had caved in to
pressure over Greece, saying Germany was ready to do what was
needed and at the right time.

“A bankruptcy of country would have consequences that we
cannot calculate. Greece is just as system relevant as a big
bank,” he told Spiegel.

Schaeuble, who is not attending a meeting European finance
ministers in Madrid, said he hoped to be out of the clinic in
which he was receiving treatment for an unhealed wound, soon.

Stock Market Today

(Reporting by Madeline Chambers; Editing by Toby Chopra)

Germany needs no extra budget for Greek aid-FinMin