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Market News International: Internal Report Says Germany’s Govt Cannot Help Greece

February 10th, 2010 Michael McDonough

FRANKFURT (MNI) – Germany’s government is not allowed to help Greece, as such aid would violate European Union law, German business daily Handelsblatt reported Wednesday, citing an internal report from the German parliament.

The legal report also rules out any form of financing of the Greek budget through the ECB or national central banks.

“Moreover, member states may not guarantee the debts of another member state,” the report argued.

Handelsblatt noted that the report was commissioned by the free-market oriented Free Democratic Party, which governs in a coalition with the Christian Democratic Union and its Bavarian sister party the Christian Social Union.

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