Greece could sell islands to cut debt - German MPs

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. "Greece owns buildings, companies and uninhabited islands, which could all be used for debt redemption."

Greece has launched an austerity programme designed to secure European help to tackle its crippling debt burden. Opinion polls show Germans are overwhelmingly against taxpayers bailing out Greece.

Greece's deficit was 12.7 percent of GDP in 2009, well ahead of the EU's 3 percent of GDP limit.

Merkel will meet Greek Prime Minister George Papandreou in Berlin on Friday.

Read the rest of the article at Reuters.
_______________________________________________________________