EU, Greece unlikely to seal debt agreement: Germany

German Finance Minister Wolfgang Schaeuble has expressed skepticism that Greece and the eurozone would clinch an agreement on the cash-strapped country’s bailout, accusing the incumbent administration in Athens of acting “irresponsibly.”

“From what I have heard about the technical talks that took place over the weekend, I am very skeptical,” Schaeuble told the German-language Deutschlandfunk broadcaster on Monday, adding, “I feel sorry for the Greeks. They chose a government that is behaving quite irresponsibly at the moment.”

Schaeuble further noted that he does not want Greece to leave the eurozone, and that Athens has to stand committed to the terms of its bailout program, and implement planned reforms in order to become competitive.

The comments come as European finance ministers are meeting in Brussels later on Monday to discuss Greece’s demands for change to its bailout program.

On February 13, Greece and its international creditors commenced technical talks based on reforms required to maintain the country’s finances, with hopes of raising the possibility of an interim compromise deal.

Over the past days, Greece’s new leaders, whose leftist Syriza party stormed to victory in the January 25 elections, have toured Europe to garner support for reconsideration of the terms of the country’s €240-billion (USD 270-billion) bailout, which it received in 2010 in return for imposing harsh austerity measures.

The measures have forced people to endure multiple tax increases, along with cuts in pensions and salaries.

What would happen if Greece, EU fail or reach a deal?

Economists state that Greece would mostly probably opt to leave the eurozone if the European Union “remains rigid” and fails to show flexibility in reaching a new debt agreement with the far-left government in Athens.

On the other hand, Greece could access a final bailout tranche of 1.8 billion euros along with another 1.8 billion euros in case it reaches a deal with the European creditors.

Greece’s new government against austerity measures

The ruling Syriza party says the bailout conditions imposed by the European Union and the International Monetary Fund have impoverished Greece and fueled unemployment.

Greek Defense Minister Panos Kammenos said on February 10 that his country could turn to the United States, Russia, China or other states for assistance should Europeans let Athens down.

Greece nearly went bankrupt in 2010. It survived, however, on international rescue packages. Athens has received 240 billion euros (USD 330 billion) in international loans in return for the enforcement of austerity measures.

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