Bundesbank's Weber: No Alternative To Greek Aid Program

05 May 2010 09:06 GMT
DJ Bundesbank's Weber: No Alternative To Greek Aid Program
BERLIN (Dow Jones)--There is no reasonable alternative to the joint Greek bailout being planned by the euro-zone and International Monetary Fund, Deutsche Bundesbank President Axel Weber told German lawmakers Wednesday.  He acknowledged, however, that such action is "highly problematic" and must be accepted by the Greek government and public.  "Greece is obtaining an immense leap of faith from the international community and its partners in the currency union," Weber said.  Weber, a member of the European Central Bank Governing Council and a leading candidate to succeed Jean-Claude Trichet as ECB president next year, spoke at a hearing of the German lower house of parliament's budget committee. Earlier, German Chancellor Angela Merkel made her case for the aid package to the entire lower house, or Bundestag, saying the bailout is part of Germany's responsibility to protect the euro and prevent future harm to the currency bloc. Germany is expected to pass the provision in votes in the lower and upper houses of parliament Friday.  -By Patrick McGroarty, Dow Jones Newswires; +49 30 2888 4128; patrick.mcgroarty@dowjones.com