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Friday, March 5, 2010

German officials: Greece should sell its islands to pay off debts

Greece should consider selling some of its islands as one option to reduce debt, two members of the German parliament in Chancellor Angela Merkel's center-right coalition said.

Josef Schlarmann, a senior member of Merkel's Christian Democrats, and Frank Schaeffler, a finance policy expert in the Free Democrats, were quoted on Thursday as saying that selling islands and other assets could help Greece out of its crisis.

"Those in insolvency have to sell everything they have to pay their creditors," Schlarmann told Bild newspaper.

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