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German minister: No room for Greece concessions

German Chancellor Angela Merkel (L) and Finance Minister Wolfgang Schaeuble attend a session of the Bundestag, the lower house of parliament, that will vote on a Spanish bank aid package in Berlin, July 19, 2012. REUTERS/Thomas Peter

BERLIN: Germany's finance minister says he can't see room for further concessions to Greece and is insisting anew that the country must implement far-reaching reforms and cut its budget deficit.

International debt inspectors are scrutinizing Greece's finances and its progress in implementing budget cuts and reforms demanded in exchange for its rescue loan program. Greek officials have called for more time to implement the measures, but patience among creditors is running extremely short.

German Finance Minister Wolfgang Schaeuble was quoted Sunday as telling the Welt am Sonntag newspaper: "The aid program is already very accommodating. I cannot see that there is still scope for further concessions."

If the inspectors' report, expected in September, is damning, Athens could stop receiving rescue loans and face a disorderly bankruptcy and exit from the euro.

 

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