Schäuble Plans Credit Fund For Small Greek Businesses


The German Finance Minister Wolfgang Schäuble announced on Wednesday that discussions between the Greek coalition government and eurozone finance ministers concerning the financial support for small and medium-sized enterprises in Greece have already begun.

Mr. Schäuble, after the Eurogroup meeting in Athens, praised the economic reforms the Greek government recently initiated, noting that the time has come to focus on boosting Greece’s growth.

Mr. Schäuble mentioned also that major eurozone countries like Germany and France are trying to create a fund to ensure financing to small and medium-sized Greek businesses. According to the German Finance Minister, private donors expressed their wish to contribute to the fund.

“We are in talks with the Greek government on pooling a set of measures in a joint action plan,” mentioned Mr. Schäuble highlighting that the KfW Germany’s state-owned bank is expected to play a leading role in the effort.

The Greek economy is slowly recovering after years of recession. However, Greek businesses are struggling to survive under tight credit conditions since the Greek banks are unwilling to lend them money.

Mr. Schäuble did not clarify the size of the fund or under which measures would it be spent. According to him, an agreement would be finalized in an upcoming meeting between Greek Prime Minister Antonis Samaras and German Chancellor Angela Merkel, scheduled to take place in Athens on April 11.



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