BERLIN: German Finance Minister Wolfgang Schaeuble said on Tuesday that Greece must stick to its reform promises to unlock bailout cash the debt-wracked country needs to stave off default and stay in the eurozone.
"It is vital that Greece fulfils its promises completely. Finance Minister Schaeuble pointed this out again to his colleague," a statement said after the minister held talks with Greek counterpart Yannis Stournaras in Berlin.
Schaeuble reiterated that an assessment of Greece's reform efforts by auditors from the European Commission, International Monetary Fund and European Central Bank would be key in deciding whether to unlock the funds.
"According to the current planning, the report will be published in October," said the statement.
As part of a 130-billion-euro ($161-billion) bailout package from the EU and the International Monetary Fund (IMF), Greece has committed to sweeping reforms and some 11.5 billion euros worth of cuts in 2013 and 2014.
But amid reports that the budgetary hole is actually closer to 14 billion euros and a recession now in its fifth year, Samaras is thought to want to spread the cuts over four years.
A positive report from the so-called troika of creditors is essential for Greece to get the next 31.5-billion-euro instalment of funds to keep it afloat.
At the end of last month, Greek Prime Minister Antonis Samaras embarked on a tour of France and Germany in a bid to drum up support for an extension to the deadline.
While he won a pledge from both German Chancellor Angela Merkel and French President Francois Hollande that the country should stay in the 17-nation eurozone, both insisted Greece stick rigidly to the austerity programme.
indiatimes.com
"It is vital that Greece fulfils its promises completely. Finance Minister Schaeuble pointed this out again to his colleague," a statement said after the minister held talks with Greek counterpart Yannis Stournaras in Berlin.
Schaeuble reiterated that an assessment of Greece's reform efforts by auditors from the European Commission, International Monetary Fund and European Central Bank would be key in deciding whether to unlock the funds.
"According to the current planning, the report will be published in October," said the statement.
As part of a 130-billion-euro ($161-billion) bailout package from the EU and the International Monetary Fund (IMF), Greece has committed to sweeping reforms and some 11.5 billion euros worth of cuts in 2013 and 2014.
But amid reports that the budgetary hole is actually closer to 14 billion euros and a recession now in its fifth year, Samaras is thought to want to spread the cuts over four years.
A positive report from the so-called troika of creditors is essential for Greece to get the next 31.5-billion-euro instalment of funds to keep it afloat.
At the end of last month, Greek Prime Minister Antonis Samaras embarked on a tour of France and Germany in a bid to drum up support for an extension to the deadline.
While he won a pledge from both German Chancellor Angela Merkel and French President Francois Hollande that the country should stay in the 17-nation eurozone, both insisted Greece stick rigidly to the austerity programme.
indiatimes.com
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