No Room for Concessions for Greece - Germany FinMin

World | July 29, 2012, Sunday // 18:19
Bulgaria: No Room for Concessions for Greece - Germany FinMin German Finance Minister Wolfgang Schaeuble (pictured) has frequently stirred anger in Athens with his comments. Photo by EPA/BGNES

No further concessions can be made to Greece, Germany's Finance Minister Wolfgang Schaeuble said on Sunday, amid widespread concern that Greece is way off meeting its bailout conditions.

"I cannot see that there is any room left for further concessions," Schaeuble told Germany's Welt am Sonntag newspaper on Sunday. "The problem did not arise because the program had faults, but rather because Greece did not implement it fully enough," he said.

He also ruled out a further debt writedown for Greece, when asked whether interest could be waived on euro zone bail out loans to Greece or the European Central Bank could waive interest on its Greek debt holdings.

"We have just pushed through a large debt writedown of more than 50 percent with private creditors. I campaigned more for this than many others, and the central bank is independent," he said.

After months of political deadlock and two general elections earlier this year, Greece is struggling to meet the economic targets it has accepted as a condition of its bailouts.

Inspectors from the EU and the IMF are trying to work out whether or not Greece has done enough to receive its next tranche of loan money.

The European Commission says the country's financing needs will be met in August, but a decision on further payments will have to be made in early September.

Without sufficient progress, it may not receive the final part of its bailout worth EUR 31.5 B.

Earlier in the week, Prime Minister Antonis Samaras said Greece would suffer a much deeper recession than thought this year.

He expects the economy to shrink by 7%, greater than the 5% forecast by the crisis-hit country's central bank.

Samaras said Greece would not return to growth until 2014.

He is expected to ask for more time to repay its loans.

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Tags: Germany, Greek, greece, Finance Minister Wolfgang Schaeuble, German, Eurozone, Jean-Claude Juncker
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