Germany is opposed to Greek debt restructuring, with the German Finance Minister Wolfgang Schaeuble amping up rhetoric opposed to such a scenario. Speaking at a bank conference in Frankfurt the German minister reiterated his belief that Greece will not face a problem in meeting its obligations for at least 10 years and that relief is not needed.
Sticking to his guns regarding the non-necessity of Greek debt relief, he said that Greece had not done enough to apply reforms in the sectors of administration, labor law and the internal market which would help lead to development.
“Greece is living beyond its means,” he said, adding that relief would not help the situation, and merely create the opposite than desirable results. He said that the International Monetary Fund’s involvement in a future bailout package for Greece would be discussed in the future.