policy
Saturday, July 11, 2015
German Finance Minister Schäuble does not keep back with criticism of the recent Greek austerity plans. According to a media report his ministry now provides two ways: either Athens or repaired according to the country temporarily leaving the euro zone .
Finance Minister Wolfgang Schaeuble has assessed the recent Greek austerity plans negatively. In a position paper, which was present the “Frankfurter Allgemeine Sonntagszeitung” and Schäuble sent the other euro countries, therefore, he showed two ways to either Athens better soon after, or the country should leave the euro zone for at least five years
<. p> EU circles confirmed that this was proposed in a preparatory paper for the special meeting. A spokesman for the German Finance Ministry declined to comment on the information. Greek government sources reported turn but back that had been previously discussed in Brussels on the possibility of withdrawal from the monetary union.
“These proposals centrally important areas of reform to modernize the country and to discuss long-term economic growth are missing and sustainable development forward, “citing the” FAS “from the one-sided paper. Therefore they could “not be the basis for a completely new, three-year ESM program”.
Euro zone for at least five years left
Instead, summarize the Treasury two ways into eye who remained still. So Greece should either improve its proposals quickly and comprehensively, with the full support of Parliament. The Ministry proposed, inter alia, that Greece shall transfer assets in the amount of EUR 50 billion to a trust fund, which they sell and therefore ablation debt.
The second way would be negotiations with Athens on a “time-out” called. The country should leave after this variant, the euro zone for at least five years and restructure its debt. However, it remains the EU member and get more “growth-enhancing, humanitarian and technical assistance,”
“Exceptionally difficult negotiations”
writes the newspaper. Read more about
Schäuble had also expressed before the meeting of euro zone finance ministers to the skeptical Athenians proposals. “We are exceptionally difficult negotiations”, he said in Brussels. He pointed out that the Greek Government had gambled away a lot of confidence in recent months. The hope that there had been the end of 2014 on the situation of Greece, had been “destroyed in an incomprehensible way” in recent months.
Schäuble also pointed out that it is now going to a completely different type of utility , Until the end of June has been talked about an extension of an existing program, now it is about a new program over three years. This alone already show that the presentation of proposals for the completion of a program “of course, is far from sufficient”. In addition, it is now going to funding gaps, “are beyond all of that with which we were engaged in the past”.
Greece is threatening without further financial support from the state bankruptcy and perhaps the end for the euro area membership. The second tool was leaked in late June, after Greece failed to agree on austerity and reform measures with its creditors. During the discussions in Brussels this weekend, it’s about whether any negotiations with Athens on a third aid program be included.
Source: n-tv.de
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