German Finance Minister Warns Greece about Election Promises

Germany’s finance minister is cautioning Greek politicians against promising things they can’t deliver in upcoming elections and making clear that he opposes a new debt writedown for Athens.

Greece will hold elections Jan. 25, with polls pointing to a first-place finish for the anti-bailout Syriza party. Syriza is demanding that more than half of Greek bailout debt be canceled.

Asked about that demand, German Finance Minister Wolfgang Schaeuble said in an interview with the weekly Der Spiegel published Saturday that “this question doesn’t arise.” He said the next government must keep to existing agreements because “that is in the interest of the Greeks.”

Schaeuble was quoted as saying: “Politicians in Greece must take care that they don’t promise more before the election than they can keep afterward.”

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza