Athens has yet to agree with creditors on what measures should be adopted
The Wall Street Journal
By ANDREA THOMAS
Updated March 23, 2016 10:40 a.m. ET
BERLIN--German Finance Minister Wolfgang Schäuble said Wednesday Greece is still lagging behind in implementing economic overhauls promised last summer to its creditors in exchange for bailout money, expressing however optimism that a solution will be found.
Greek creditors—the European Commission, the European Central Bank and the International Monetary Fund—and Athens have yet to reach an agreement on the reforms that Greece must adopt.
Without such a deal, creditors cannot complete a review of its up-to-€86 billion ($96 billion) bailout program.
“We know the time pressure is big and we do everything to achieve fast decisions. But the three institutions…agree that not enough has been implemented of what has been agreed to do by this point in time last year,” Mr. Schäuble told reporters.
One of the key stumbling blocs is a requested pension reform that the Greek government is unwilling to implement due to public opposition to further cuts.
Mr. Schäuble offered some leeway on pension reforms and said the three institutions and the Greek government have to talk about “what can be done instead to remain on the path” of the bailout program’s overall target.
“I am confident…that we can find a solution, as we have always done,” he said. “I believe we can jointly find a solution.”
The conclusion of the institutions’ assessment is a prerequisite for the country to receive more financial aid and for the start of politically sensitive talks on debt forgiveness for Greece.
Mr. Schäuble rejected suggestions that debt forgiveness would solve Greece problems.
He said the issue of Greek debt sustainability isn’t the pressing question but rather bringing Greece onto a sustainable growth path, boosting its competitiveness and reforming its administration.
Write to Andrea Thomas at andrea.thomas@wsj.com
No comments:
Post a Comment