Germany does not need parliament to back Greek deal - Schaeuble

Record ID: 102051

  • Title: Germany does not need parliament to back Greek deal - Schaeuble
  • Date: 25th May 2016
  • Summary: BRUSSELS, BELGIUM (RECENT) (REUTERS) JOURNALIST TYPING ON LAPTOP
  • Embargoed: 9th June 2016 17:17
  • Keywords: Greece euro zone euro Wolfgang Schaeuble finance ministers debt
  • Location: BRUSSELS, BELGIUM
  • City: BRUSSELS, BELGIUM
  • Country: Belgium
  • Topics: European Union,Government/Politics
  • Reuters ID: LVA0034JB4ZLZ
  • Aspect Ratio: 16:9
  • Story Text: Germany's parliament does not need to approve an overnight eurozone deal with Greece that offers Athens its firmest offer yet of debt relief, German Finance Minister Wolfgang Schaeuble said on Wednesday (May 25).
    "We have no major changes to the (Greek aid) programme, so there is no need for a prior vote by the German Bundestag, we only need to inform the German budget committee before we pay the next tranche. I think all in all this is a good result in a difficult situation and it is a good chance for Greece to consistently move on on its difficult path," Schaeuble told reporters in Brussels.
    Germany does not expect there to be a fourth Greek bailout programme, Schaeuble added, after eurozone countries agreed a deal overnight that offers Athens its firmest offer yet of debt relief.
    After talks that lasted into the small hours of Wednesday, Eurogroup finance ministers gave a nod to releasing 10.3 billion euros in new funds for Greece in recognition of painful fiscal reforms pushed through by Prime Minister Alexis Tsipras' leftist-led coalition, subject to some final technical tweaks.
    But a bigger step forward was a deal under which the eurozone agreed to offer Athens debt relief in 2018 if that is necessary to meet agreed criteria on its payments burden. In the meantime, the currency area's rescue fund was given approval to take steps to smooth out Greece's debt service path.
    Financial markets welcomed the agreement, which averted any repeat of last year's Greek default to the IMF that took it to the brink of exit from the euro area, threatening wider destabilisation of the 19-nation currency zone.
  • Copyright Holder: REUTERS
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