• schauble

German “No” to new Greek rescue package, says Schauble

German parliament would not accept new program, he says

Germany would not accept a new bailout program for Greece in the event the IMF left the current program, German Finance Minister Wolfgang Schauble told Bloomberg news agency. Mr. Schauble stressed that a departure of the Fund from the running program would be a clear indication that Greece had failed to live up to its end of the deal, adding that the financial assistance to Greece was provided since 2010 under the provision that the IMF would be participate.

“The program will be terminated as one of the requirements, the basis, would have been scrapped”, he underlined on the sidelines of the Davos Economic Forum in Switzerland.

The German Finance Minister said he would it would be fruitless to attempt to persuade the German parliament to approve a new rescue package for Greece, as the MPs would argue Greece had failed to live up to its commitments in the previous program, despite the flexibility shown by the European institutions.

Meanwhile, ECB President Mario Draghi stated that the bank did not consider any state debt unsustainable.