Germany clashes with ECB over Greek debt

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Germany is urging Greece to extend the maturity of its debt by seven years, clashing with the European Central Bank's view that forcing investors to take a loss could damage the eurozone.

Wolfgang Schaeuble, Germany's finance minister, said in an open letter to European authorities "any additional financial support for Greece has to involve a fair burden sharing between taxpayers and private investors," the Telegraph reports. He said if there is no further funding for Greece by July, there is a real risk of the first "unorderly" default in the eurozone. However, ECB president Jean-Claude Trichet said forcing investors to take a hit on Greek public debt could not only affect the country's banks but would impact the rest of the eurozone. Although a voluntary roll-over...

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