Germany: Greece's Bailout Extension Proposal Is ''Trojan Horse''

World » SOUTHEAST EUROPE | February 20, 2015, Friday // 09:48
Bulgaria: Germany: Greece's  Bailout Extension Proposal Is ''Trojan Horse'' Greek Prime Minister Alexis Tsipras (R) talks with Finance Minister Yanis Varoufakis (L) Photo: EPA/BGNES

A meeting of Eurozone financial ministers is scheduled for Friday, in order for a solution to be reached for the crisis in Greece.

Informal division has been observed, as Germany largely relies on the support of Finland and Netherlands, and perhaps Portugal and Spain that have already taken the bailout road, but never had the chance to renegotiate.

Greece, on the other hand, has seen some support from Italian Minister of Economy Pier Carlo Padoan.

"We have to send a signal that the euro is irreversible," he told the magazine l'Espresso, quoted by Reuters. "If a country were to leave, it wouldn't just mean one less country in the union but the transformation of the euro into a mechanism that can be undone."

The negotiations are expected to create heated debates, as Greece's requested six-month extension to the bailout plan has been rejected by Germany on Thursday evening.

The motif was that the proposal was not substantial and did not comply with the previously agreed upon deal on Bulgaria's southern neighbor.

Germany described the letter presented by Greece as a ''Trojan horse'' of shirking commitments, Reuters reported.

Both sides agreed, however, that the aim of the conversation has been finding a mutually beneficial solution.

The Greek bailout program is due to expire in a little over a week, and the new Tsipras government is making every attempt to secure more stability.

Meanwhile, Greece's government spokesman Gabriel Sakellaridis said on Friday that the country will not back down from the anti-austerity policies that led to leftist party SYRIZA's win in January.

''"We are not discussing the continuation of the (bailout) program,"Sakellaridis said. "The Greek government will maintain this stance today, although conditions have matured for a solution to be found at last."

The bailout extension proposed by Greece involves a new agreement on its debt and also on partial debt relief and the issuance of the so-called "GDP bonds" with yields tied to the growth of domestic output.

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Tags: Eurozone, Tsipras, greece, bailout, extension, Italy, Finland, Germany, financial, Portugal, Spain, Gabriel Sakellaridis, Trojan horse, Pier Carlo Padoan, Syriza
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