German conservative MP says 'Greece is bankrupt'

Updated: 2011-10-03 08:30


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BERLIN - Greece is bankrupt and it will most likely need a "haircut" forgiving at least 50 percent of its debt, a leading conservative member of parliament was quoted saying on Monday.

Michael Fuchs, a deputy parliamentary floor leader for Chancellor Angela Merkel's Christian Democrats, told the "Rheinische Post" newspaper that Greece is broke despite all the financial aid from the European Union.

"Greece is bankrupt. Probably there is no other way for us other than to accept at least a 50 percent forgiveness of its debts," said Fuchs, who is also the chair of the influential CDU small business group in parliament.