Germany skeptical of Greece bailout proposal
German Finance Minister Wolfgang Schaeuble has expressed doubt about Greece’s new concessions to its international creditors to resolve its debt crisis.
The Greek administration’s latest proposals “did not provide further clarity," Schaeuble said at a news conference following a weekly cabinet meeting of the German government in Berlin on Wednesday.
In a letter sent to Athens' international lenders on Tuesday, Greek Prime Minister Alexis Tsipras reportedly made significant concessions in request for a deal on the cash-strapped country’s bailout program.
But Scaeuble said no Greece deal was possible before a planned Greek referendum on bailout terms, emphasizing that there was "no basis" for serious negotiations with Athens over the issue.
"First of all Greece must clarify its position on what it wants, and then we will have to talk about it, under conditions that are now far more difficult," the German minister added.
The remarks come as Greece missed the June 30 deadline to repay €1.6 billion (USD 1.79 billion) it owes to the International Monetary Fund (IMF), becoming the first developed country to officially default on a loan to the fund after a breakdown in talks with its creditors.
Meanwhile, German Chancellor Angela Merkel has also called on the IMF to be involved in any new aid program for Greece.
Merkel further insisted that there can be no negotiations on any new aid package for Greece before its referendum due on July 5, adding that "the future of Europe is not at stake" from the Greek debt crisis.
Athens has been unable to borrow on international markets over the past few years. It has presented a list of reforms needed to restart bailout loan payments, but the creditors have described Greece's proposals as insufficient and called for tougher austerity measures.
On June 27, the Greek parliament passed a bill approving Tsipras' motion to hold the referendum on whether the government should agree to the lenders' demands in return for bailout funds to the debt-ridden country.
In 2010 and 2012, Greece received two bailouts worth a total of €240 billion (USD 272 billion) from its creditors following the 2009 economic crisis.
SSM/KA/GHN
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