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News Summary: Top German banker wants Greek reform
Friday - 11/16/2012, 4:52pm EST
(AP) - FIRST THINGS FIRST: Germany's top central banker says Greece's creditors will eventually have to write down the value of the country's debt further, but only after Greece improves its budget and reforms its economy.
BAILOUT CASH: The comments from Jens Weidmann, also a member of the European Central Bank's governing council, came days ahead of a meeting where Greece's partners in the euro are expected to sign off on the release bailout cash needed to keep the country afloat.
KEEP UP PRESSURE: Weidmann said granting the country more debt relief now could reduce pressure on Greece and weaken its ambition to undertake necessary reforms.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)