German Chancellor Says Greek has Broken Pledges despite Aid

Angela Merkel has delivered an unusually sharp rebuke to the Greek government, accusing it of failing to implement necessary structural reforms while insisting a last-minute deal was still possible to keep it in the eurozone.

In a parliamentary speech she said that although Greece had received “unprecedented help from its partners”, it had failed to honour commitments it made to lenders. She quoted from agreements Athens had signed earlier this year, saying they had been broken.

In an atypically rowdy session of the Bundestag on Thursday, with Merkel receiving both applause and jeers as she spoke, the chancellor stressed that Germany would like to see Greece stay in the eurozone.

“It remains the case that Germany’s efforts are concentrated on keeping Greece in the eurozone,” she said. By praising countries such as Spain, Portugal and Ireland, which she said with the help of other partners and their own efforts, had got “back on their feet”, she expressed her disapproval of Greece’s attitude.

“These countries used their chances,” she said. “In the economic and monetary union, self-reliance and solidarity go hand in hand.”

via The Guardian

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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