Germany voices skepticism over Greek debt deal
Germany has expressed skepticism over a recent agreement reached between Greece and international creditors, which was aimed at solving Athens’ debt crisis.
On Wednesday, the German Finance Ministry said it had “formulated” questions regarding the bailout deal reached the day before.
"We have formulated questions," the German ministry said in a statement. "These are part of the review process which is not yet completed."
The German newspaper, Bild, released a two-page document by the Finance Ministry, which put to question issues including Greece’s debt sustainability, the International Monetary Fund’s (IMF) role in the crisis and privatization in Greece.
The ministry added that the questions would be discussed among eurozone finance ministers, who are expected to meet and vote on the agreement on Friday.
On Tuesday, Athens agreed to a deal with the IMF, the European Central Bank (ECB), and the European Commission to receive a bailout worth EUR 86 billion (USD 93 billion), after months of negotiations.
Greece agreed to a surplus of 0.5 percent next year, 1.75 percent for 2017, and 3.5 percent in 2018.
Germany has also voiced uncertainty over Greece’s annual budget targets.
Berlin is the main creditor of Greece and its approval is needed in order for the new bailout package to be given to Athens so that it can repay EUR 3.4 billion (USD 3.7 billion) to the ECB by an August 20 deadline. This is while a recent report by the non-profit Leibniz Institute of Economic Research shows Germany gained an estimated EUR 100 billion from the Greek financial crisis.
Meanwhile, the Greek parliament is expected to hold an emergency session called by Prime Minister Alexis Tsipras on Thursday for a key vote on the ratification of the bailout deal.
Tsipras, whose leftist government came to power on anti-austerity vows, caved in to demands by its lenders including harsh reforms, sparking opposition inside Greece.
He has now promised to cut lawmakers’ tax breaks and the ministers’ salaries in a move to ease domestic tensions triggered by his decision to raise taxes, overhaul the pension system and carry out privatizations as parts of the austerity measures.
The recent deal unlocks the third bailout package for Greece since 2010. It has received two bailouts worth a total of EUR 240 billion (USD 272 billion) since.
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