German FinMin’s Hawkish Stance Toward Greece Continues

Wolfgang SchaeubleGerman Finance Ministry officials requested further clarification on the bailout draft agreement between Greece and its creditors, since there is “no clarity on the direction of policies,” according to the German government.

The three issues that mainly concern Germany, according to German Finance Minister Wolfgang Schaeuble‘s document, are the participation of the International Monetary Fund (IMF) in the third Greek rescue program, requesting the international organization’s commitment, the sustainability of the Greek debt, excluding a potential haircut as requested by the IMF and Athens, as well as privatization issues.

Schaeuble’s document criticized some additional points, surprising Vice Chancellor and Social Democrats leader Sigmar Gabriel, who assessed the agreement between Greece and its creditors positively.

During July’s Summit, officials agreed to launch the Greek labor market’s reform that would spread until December 2015. In the Memorandum, though, a relevant deadline is not specified.

The document also mentions the fact that the reform of public administration in Greece will be done in close cooperation with the European Commission, while during the Summit it had been decided that the reform would be supervised by the European Commission.

The aforementioned draft full of comments was sent by the German Finance Ministry on Wednesday afternoon in Brussels on the occasion of the conference call of EU member-states held in the evening.

During the conference call, it was made clear that other governments also wish to clear up some points of the draft agreement, however, there is a “general intent” to ratify the agreement on Fridays’ meeting of Eurozone Finance Ministers.


  1. Schaeuble needs to be removed from office. The Germans have no idea how to control their politicians — with a clear historical record of crass stupidity in this regard.

  2. Obviously Schauble wants the IMF not to participate so as to scuttle the whole process. The IMF continues to argue that the debt is unsustainable and that a debt write-off is imperative for it to become involved. Either way, Schauble seems to have the whole deal doomed for failure and remove the Greek people from the Euro as has been his strategy all along…

  3. 25 years ago a German by the name of Dieter Kaufmann attempted to assassinate Wolfy. Wolfy was shot 3 times leaving him paralysed. Mr Kaufmann was arrested and committed to a mental asylum not because he shot Wolfy but because he didn’t succeed in finishing him off. Europe, especially Greece is now paying the price of Mr Kaufmann’s failure.