German FinMin Schaeuble: ‘There Will Be No Quick Bailout Deal’

schaeubleGerman Finance Minister Wolfgang Schaeuble stated that there will be no “quick bailout deal,” regardless of the Greek referendum result on Sunday, July 5. Greeks are called to vote on whether their government should accept the creditors’ bailout program that includes more austerity measures.

In an interview to German tabloid Bild, Schaeuble said that “negotiations after the Greek vote will take a while.” Furthermore, he added that there is a procedure to be followed. Greece needs to submit a request for more financial aid to the Eurozone, which will then decide on whether it will restart the negotiation process that has to be approved by the German Parliament. “Greece will have to make efforts of its own in return for new aid,” he added.

“These would be very difficult negotiations – because the situation in Greece has dramatically worsened in the past few weeks,” Schaeuble concluded.

Meanwhile, Greek Prime Minister Alexis Tsipras has promised the Greek people that he will ensure a deal within 48 hours after the referendum results are announced.