(Reuters) – Euro zone paymaster Germany, relieved at a narrow election victory for Greece’s pro-bailout parties, signaled on Monday it may be willing to grant Athens more time to meet its fiscal targets to avert a catastrophic euro exit.
But financial markets’ relief that the 17-nation European currency area had avoided plunging deeper into crisis was mitigated by concern about unresolved problems in Greece, the lack of a comprehensive plan for the euro zone as a whole and weakness in the world economy.
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German Foreign Minister Guido Westerwelle said the substance of Greece’s austerity and economic reform program, agreed in exchange for a second EU/IMF rescue, was non-negotiable, but the timing could be adjusted.