German Finance Minister Wolfgang Schaeuble stated after the conclusion of the Ecofin meeting that Greece must decide whether it wants an extension of a bailout program or not.

“Greece does not seem to know what it wants”, he underlined. “We have always said that implementation of any program should be supervised by three institutions, whatever they are called.”

The German FinMin also stressed that what matters is not the duration of the program but its reliability.

“We were eventually able to deliver more assistance to Greece than one would expect in 2009,” Schaeuble noted, adding that many of his European colleagues have pointed out that “pensions and wages in their countries are lower than in Greece and this is something they would have to justify to their electorates.”

He also said the Eurozone wants “clear, reliable, believable commitments” from Greece that it intends to fulfill the program. Otherwise an extension would be pointless.