UPDATE 1-Merkel: can’t allow Greece to suffer Lehman’s fate

* Says need long-term solution, not quick fix, for Greece

* Says on the right path now for solution to Greece woes

* Declines to say how big aid package could be

(Adds Lehman quote, background)

BERLIN, April 28 (BestGrowthStock) – Chancellor Angela Merkel said
on Wednesday a long-term solution, not a quick fix, was needed
for Greece and that Athens could not be allowed to suffer the
same fate as collapsed U.S. investment bank Lehman Brothers.

Speaking after meeting the head of the International
Monetary Fund, Merkel added: “We are on a good path now” towards
a solution of debt-ridden Greece.

European Central Bank and IMF officials are negotiating a
three-year fiscal authority plan with Athens as a condition to
release emergency loans to debt-stricken Greece.

“I think the handling of the Greece case shows that everyone
knows we cannot allow the same situation with countries as with
Lehman Brothers,” she told a news conference.

Earlier, IMF Managing Director Dominique Strauss-Kahn said
it was impossible to give any details on what would be finally
agreed with Greece until the talks with Athens were concluded.
He declined to say how much aid could be released.

A German news agency reported that German Economy Minister
Rainer Bruederle, on a trip to Brazil, had said the aid for
Greece would be worth some 135 billion euros over 3 years.

Asked about this report, Merkel said she would only be able
to talk about the value of the aid package when the fiscal
programme the IMF and EU were negotiating with Greece was
agreed.

She was speaking after a meeting with Strauss-Kahn and the
chiefs of the World Trade Organisation, the World Bank, the
Organisation for Economic Cooperation and Development and the
International Labour Organisation.

On the global economy, Merkel said exit strategies from
fiscal support measures must be coordinated internationally as
much as possible.

“We agreed today that the exit from state support measures
— so-called exit strategies — must be coordinated as much as
possible,” Merkel said.

Investing
(Reporting by Paul Carrel and Sarah Marsh; writing by Erik
Kirschbaum; Editing by Ron Askew)

UPDATE 1-Merkel: can’t allow Greece to suffer Lehman’s fate