CRI听力:Merkel Rules out Debt Write-off for Greece

German Chancellor Angela Merkel has again ruled out writing off part of Greece's massive debt of nearly 320 billion euros, which all sides agree is unsustainable without significant restructuring.

Speaking on German TV, Merkel suggested debt forgiveness would violate EU law.

"As we said, a classic haircut, a debt forgiveness of 30 to 40 percent, cannot happen in a currency union. Imagine if every country came about this way to the countries holding the least debt among the euro states, we would enter a hopeless situation."

However, she also indicated she is open to discussing ways to lessen the burden on Athens.

"Well first of all, Greece has been granted relief. Private creditors were allowed a voluntary debt cut. Then, we extended credit terms and lowered interest rates. We can consider such measures again as they are part of the mandate."

Merkel persuaded German lawmakers last week to give their overwhelming backing to another financial rescue package for Greece.

Though the broad outlines of the Greek bailout have been agreed by the eurozone's 19 leaders, the details are now being negotiated.

The discussions, which are expected to last four weeks, will include economic targets and reforms deemed necessary for Athens in return for an anticipated 85 billion euros over three years.

In Greece, banks are expected to re-open today with slightly relaxed withdrawal limits but bans on foreign transfers and with other capital controls remaining in place.

Over the weekend, new ministers in Prime Minister Alexis Tsipras' government were sworn in after a reshuffle expelled dissidents from his cabinet, and ahead of a new phase of negotiations for the new bailout package.