Merkel Party Official Threatens Greece With Veto Over Further Bailout Aid

Posted by in Economy

 A deputy parliamentary leader of CDU, the party of German Chancellor Angela Merkel issued a stark warning to Greece, and said that Germany would not hesitate to veto further aid to the country, if the re any signs it was not meeting the conditions of its bailout. Michael Fuchs told German daily Handelsblatt that Greece has to meet its commitments to 100 percent and avoid half measures. Foxy Fuchs* proposed a Greek euro exit and a Marshall plan for the debt-ridden country that could remain an EU-member.

Senior Angela Merkel ally Michael Fuchs sends stark warning to Greece

A senior member of Chancellor Angela Merkel’s party issued a stark warning to Greece on Monday, saying Germany would not hesitate to veto further aid to the country if there were any signs it was not meeting the conditions of its bailout.

The comments, by the deputy parliamentary leader of Merkel’s Christian Democrats (CDU) Michael Fuchs, are a sign that frustration with Greece among ruling party lawmakers is nearing the breaking point.

The “troika” of the European Commission, the European Central Bank and the International Monetary Fund is due to decide on the disbursement of the next tranche of money from Greece’s 130 billion euro bailout package in September.

“Even if the glass is half full, that won’t be sufficient for a new aid package. Germany cannot and will not agree to that,” Michael Fuchs told German newspaper Handelsblatt.

“We long ago reached the point where the Greeks must show they are capable of delivering a shift. A policy of the last, last, last chance won’t work anymore and must come to an end.”

Merkel has suggested in the past that cutting off aid to Athens, a step which would likely push it out of the euro zone, carries too many risks for the bloc.

But she returns from her summer holidays this week under growing pressure from conservative allies to draw a line in the sand, regardless of the consequences.

Fuchs said Germany had reached its limit with Greece and would not hesitate to veto more aid if lawmakers were convinced it was not fulfilling the conditions of its bailout.

Were that to happen, he suggested that a Greek exit from the euro zone would be inevitable. Fuchs said Greece could remain a member of the European Union after a possible exit and receive a form of Marshall Plan to help it as it returns to its own currency. (Reuters)

Until Merkel recovers from her summer holiday and decides what to do with Greece, I think I will spend my last euro on my own summer vacation. Better poor and recreated than poor and distressed…

*Fuchs = Fox in English