Schauble: No debt relief for Greece before end of program

German Minister meets with French counterpart before EuroGroup meeting

The Greek matter was on the agenda of talks between German Finance Minister Wolfgang Scuable and his newly-appointed French counterpart Bruno Le Maire before the start of Monday’s EuroGroup meeting in Brussels. Mr. Schuable was unwavering in German’s position on the prospect of a debt relief for Greece, ruling out any talks on the matter before the current program had been completed. The German Finance Minister acknowledged that Greece had made notable reforms, adding however, that the ultimate goal was to make the economy competitive. “The markets should trust Greece”, he added. Commenting on the difference of opinion between Germany and the IMF regarding the debt, Mr. Schauble stressed that the Fund had always been more conservative in its outlook, while he also responded to statements made by German Foreign Minister Sigmar Gabriel that Europe should cut the Greek debt, Mr. Schauble underlined that the German parliament had voted on the issue in 2015. On his part, Mr. Le Maire appeared certain that a solution on the Greek debt would be reached within the Eurozone, stating that it should satisfy both Greece and its creditors.