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Germany Warns Greece to Meet Agreement Conditions

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A senior member of Chancellor Angela Merkel’s party issued a stark warning to Greece on Monday, saying Germany would not hesitate to veto further aid to the country if there were any signs it was not meeting the conditions of its bailout.

The comments, by the deputy parliamentary leader of Merkel’s Christian Democrats (CDU) Michael Fuchs, are a sign that frustration with Greece among ruling party lawmakers is nearing the breaking point.

The “troika” of the European Commission, the European Central Bank and the International Monetary Fund is due to decide on the disbursement of the next tranche of money from Greece’s 130 billion euro bailout package in September.

“Even if the glass is half full, that won’t be sufficient for a new aid package. Germany cannot and will not agree to that,” Michael Fuchs told German newspaper Handelsblatt.

“We long ago reached the point where the Greeks must show they are capable of delivering a shift. A policy of the last, last, last chance won’t work anymore and must come to an end.”

Merkel has suggested in the past that cutting off aid to Athens, a step which would likely push it out of the euro zone, carries too many risks for the bloc.

via Reuters

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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

@alfonso_forex

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