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Germany: no more chances for Greece

The Local · 12 Aug 2012, 18:23

Published: 12 Aug 2012 18:23 GMT+02:00

"I've lost my illusions," Rösler told Focus magazine. He is also vice chancellor and leads the pro-business Free Democrats in the ruling coalition.

"I proposed with German businesses a whole series of support measures for the Greek government. The Greeks have hardly responded to our offers," he said.

Germany will block any new aid to Greece if the government does not fully comply with the terms of previous rescue packages, even if other countries support unlocking funds, another senior lawmaker said on Sunday.

The deputy head of Chancellor AngelaMerkel's conservative parliamentary bloc, Michael Fuchs, told the Handelsblatt newspaper the government was ready to use its veto if it was unhappy with findings from the Greececreditors "troika".

"You can quote me: even if the glass is half-full, that is not enough for a new aid package," he said in an interview to appear in the paper's Monday issue. "Germany cannot and will not agreeto that."

The eurozone partners are waiting for the report on Greece from the troika of inspectors from the European Union, International Monetary Fund and European Central Bank.

Their verdict, which is expected by mid-September, will determine if Athens receives the next instalment of €31.5 billion ($38.7 billion) in rescue funds.

Fuchs said that even if other eurozone countries call to release the funds after the report, "Germany will use its veto" as part of the EFSF temporary rescue fund if it concludes that Greece" has not met the requirements".

He noted it was impossible to force a country out of the eurozone but assumed the "Greek government knows what it needs to do if it is not in a position to fulfil the reform requirements."

Germany "has reached the limits of what it can bear," he added.

He said he also opposed the European Central Bank providing further emergency loans to Greece and thus becoming a "covert money printing press".

Patience with Greece's sputtering reform efforts is wearing thin in Germany, Europe's effective paymaster, with leading members of Merkel's ruling coalition openly questioning its ability to stay in the eurozone.

The government's official line is that it will wait for the troika report before drawing any conclusions.

Story continues below…

On July 22 Rösler had voiced his doubts concerning the possibility of Greece staying in the eurozone, saying that in his view there had been "nothing frightening" about a Greek exit "for a long time".

The next day the German government said itwas torn between hope and scepticism about Greece's ability to meet its commitments to its international creditors.

The responsibility for managing the debt crisisfor Germany however rests with Finance Minister Wolfgang Schäuble, not Rösler.

AFP/hc

The Local (news@thelocal.de)

Your comments about this article

20:25 August 12, 2012 by Karl_Berlin
If you want something to succeed from which you yourself most benefit, you pay into it (quietly, hoping people don't cop onto the scam for the rest involved). When you start demanding others step in line to help fulfill your scam, that's when a lot of people take issue.

Not saying I agree with the "get a government job and sit back and enjoy life" tactic implemented by a lot of Greek youth back in the day and maybe Greece was always destined to implode, but Germany - nobody is fooled.
20:45 August 12, 2012 by smart2012
Spiegel sometimes ago did a good ranking of the 10 most dangerous people for Europe. For Germany representatives were Alexander Dobrindt and Markus Soeder. They should have extended the ranking to Roesler
23:17 August 12, 2012 by melbournite
More moronic comments.... the cuts in Greece already pushed people to the point where they almost elected a revolutionary government. The present Euro-approved Conservative Greek government only got in because they promised no more cuts and no more sackings. You cant push a country beyond the point of breaking.
01:41 August 13, 2012 by marimay
The EU needs to be abolished. I'm just not into the whole New World Order thing.

"...fall in line." Wow.
03:10 August 13, 2012 by lenny van
Good news. It impossible to force a country out of the eurozone, so all of the countries in the Euro zone, except Germany and Austria, should be getting ready to voluntarily drop out of the E.U. and form a free trade zone. It would allow unrestricted freedom of movement of labour and capital, endorse common standards of production and education, promote the continued use of English as the world's second language, build a common defence force and create a united federal bank that would finance the defence force, federal unemployement, medical and old age benefits and any project swithin the union, that has been passed by a democratically elected " economic" parliament (such as space exploration, foreign aid, federal highways, etc.) The federal bank would print and use a common currency a common currency that could be exchanged at any time for any of the national currencies at the prevailing rate of exchange. The Euro, used in future only by the Germans and Austrians, would immediately double in value and instantly make the people in the German speaking countries very rich, They would be so deliriously happy to have so much money, that they wouldn't notice or even care that they, as well as other money worshipping countries like the United States, would have to apply for visas to visit the rest of European countries in the new union. These visas would be very restrictive and hard to get, which would make the people in the rest of Europe happy, even though they would be a bit poorer, They would also feel more secure, because their new union would also act as a defence treaty against the countries who have been so militarily aggressive in the past.
04:21 August 13, 2012 by Bigfoot76
Lenny van....you forgot to mention that it would allow everyone to continue putting Curry on various foods.
07:24 August 13, 2012 by Berlin fuer alles
Must be an election somewhere in Germany coming up or else the popularity polls are not favourable so turn to the BILD with sensationilist EU propoganda to try and swing things. I would have hoped top German politicians would be above such tactics.
10:05 August 13, 2012 by AlexR
I could never have expected that Philipp Rösler and Michael Fuchs could become an even greater joke than they already are. But never say never when it comes to certain politicians.
10:42 August 13, 2012 by raandy
This all goes back to the formation of the Zone, no one did a proper due Diligence on Greeks financial health, and debt.

The citizens are know being demanded to implement draconian measures to rectify the gross incompetence and creative accounting by their Gov.

The austerity measures only put Greece further from productivity with no hope of a turn around. Giving Greece the funds only prolongs the looming diaster that is inevitable.Toss them out or do what is necessary to get them back to solvency,either way it is not going to be an easy task.
14:16 August 13, 2012 by Eastard
Interesting that what is most often the opinion of others out side Greece is what that should do to help themselves... and how they have a long history of voting in politicians that provide them an unsustainable economy... They do not complain as long as the bubble does not break... regardless of who may loose... What one does not seem to find in articles, is what they would actually do to help their problem... I have not seen any specific counter proposals... I do not believe anyone in Europe (North or South) wants Greece to fail yet most of the criticism is of the North as though they are responsible... I simply do not get it... This concept would suggest the Greeks are mentally retarded, incapable, and therefore unaware victims of a financially evil Norther Europe. This is obviously not true ... They are completely aware of the benefits of long term dishonest electoral/fiscal programs.. They appear convinced that financial collapse will pass and the sun will shine again sooner than later...

It does appear that the formation of a common economic region and currency... while in principal was a good idea... in practice it is flawed... The ethical breach committed by the Greek politicians and financial institutions under the cover of sovereignty is a clear indication that some do not fit the mold of a reliable business partner. Maybe this is just part of the necessary correction of the formation of a multi-national business environment. I still believe competition for Greece will start once Russia and China feel the Greeks are ready to sell..
02:01 August 14, 2012 by IchBinKönig
End the Euro now. Reuters predicts the Grexit within 18 months.

Of course the Idiots here wish we would have sent the more money first.

http://youtu.be/OafqVVmVQHI
16:51 September 8, 2012 by Hendrich Stein
No more chances sounds ironic given Germany exists at the grace of other nations:

http://www.spiegel.de/international/germany/economic-historian-germany-was-biggest-debt-transgressor-of-20th-century-a-769703.html
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