German Finance Minister Wolgang Schäuble called for quick action on new emergency loans to Greece on Friday in an address to the German parliament.
"The situation in Greece and Europe is serious," he said, adding that the danger of Greece defaulting on debt would mean danger for the whole eurozone and global economic development.
Schäuble also called for the participation of private investors in a new rescue package.
"If we have to win more time with a new adjustment program, then the involvement of the private sector in the solution of the problem is unavoidable," he said.
Greece has received a 110-billion-euro emergency loan package from the European Union and International Monetary Fund, but needs another 90 billion euros to stay afloat and avoid a default on government bonds.
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