Tuesday, July 7, 2015

Greek financial crisis

Greek financial crisis, Greece, economy, finance, Euro, EU

German Finance Minister Wolfgang Schaeuble said that Berlin refuse to give Greece an actual debt cut when he arrived at a meeting with his counterparts in the 19-country Eurozone.

He said that without an aid program it is not possible to help Greece within the framework of the Eurozone. Berlin is reluctant to consider a debt cut for Greece. The Greece is asking for a debt relief to be near the top of bailout discussions. It doesn't necessarily mean an actual reduction in the amount owed but an extension to the country's repayment schedule.

Schaeuble said actual debt cuts are banned under European rules.

Lithuania just began using the euro currency this 2015 and doesn't want the 19-country single currency club to start losing members now. Lithuanian Finance Minister Rimantas Sadzius said a Greek exit "is not an option for us," as arrived for the meeting of Eurozonefinance ministers in Brussels to discuss a possible new bailout deal for Athens.

Sadzius said he believes common ground can be found. Greece's new finance, Euclid Tsakalotos is set to unveil new proposals to his peers in the Eurozone.

"In politics, there is always room for compromise," said Sadzius. "We believe that the Eurozone should expand rather than contract."

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