Belgium: Slashing of Greek debt "out of the question" - Merkel

Speaking from Brussels, Monday, German Chancellor Angela Merkel said that a deal between Greece and its creditors had been struck, but although an extension of the grace period may be considered, a "nominal haircut is out of the question for us". Speaking about the agreement, Merkel said that "the advanatages outweigh the disadvantages", adding that "it is going to take be a long and ardous road that we shall travel". The German chancellor also said that political reform was needed in Greece through "modernisation of the Greek administration" that would lead to "rendering the whole of the administration less political". Merkel added that there is to be discussion with the institutions about this on 20 July.