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German FinMin to Greeks: “Elections is your Right, But Fulfil the Agreement is your Duty”

Over the weekend German Finance Minister Wolfgang Schaeuble gave two interviews about Greece. One to Greek daily To Vima and one to Italian La Republica. To the Greek daily he said that Germany is ready to do whatever it takes to help Greece and stressed the proposal to send German tax officers to Athens.  He denied that Germany wanted to rule Europe. To the Italian newspaper he said he was confident Greece was on the right path for recovery but he warned there was no guarantee of success. He also did not exclude a third aid package and added that the austerity programmes did not create recession.

Schaueble: Greece on Road to Recovery

Schaueble said on Sunday he was confident Greece was on the right path for recovery after tough decisions to secure a second bailout package.

However, he warned there could be no guarantee of success.

“I am confident the difficult measures decided with the government in Athens will put it on the road to recovery,» Schaeuble said in an interview in Sunday’s La Repubblica newspaper.

Greece averted the immediate threat of an uncontrolled default on Friday when private creditors agreed on a bond swap that will cut the country’s public debt and clear the way for a new 130-billion euro ($170.55 billion) bailout.

Schaeuble said he was sure the best decisions possible had been taken against a backdrop of uncertainty.

“But it wasn’t easy and I cannot give a 100 percent guarantee of success,» he said.

Schaeuble said the need for another aid package for Greece could not be ruled out, but said «it is not the time to speculate but to approve the second package for Athens.”

The austerity programmes did not create recession, he said, adding structural reforms were now needed to relaunch growth. (Kathimerini)

Speaking to To Vima, Schaeuble also generously granted Greeks the right to hold early elections. “Elections is your right, but your duty is to fulfil the agreement.” For Schaueble’s interview toTo Vima check here (in Greek)

Here is a short interview excerpt via Bloomberg in English

             Schaeuble: Greece must fulfil its commitments

The success of the restructuring of Greece’s debt, with a higher private investor participation rate than many had forecast, will be complete if Greece fulfills the promises it made for a second aid package, German Finance Minister Wolfgang Schaeuble told the newspaper To Vima.

While the sustainability of Greece’s debt is based on a level of 120.5 percent of gross domestic product by 2020, no one can rule out that by then Greece won’t need a third aid package, the Athens-based newspaper cited Schaeuble as saying in an interview to be published in tomorrow’s edition.

The decisions that Greece and the European Union have made and that the country must now implement, even if they’re hard, will lead to a Greek recovery, To Vima cited Schaeuble as saying.

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