Schaeuble Not Compromising Debt Relief for Greece, Preparing to Go Ahead Without IMF

Following the continuing position of the International Monetary Fund (IMF) saying that it will only consider being involved in the last bailout for Greece if the deal includes debt relief for the country, the German Finance Minister, Wolfgang Schaeuble has started preparing to go ahead with presenting a modified program on his own, Reuters has reported.

According to Germany’s Bild newspaper, the German government is preparing to present a modified program which will be voted on in the Bundestag lower house of parliament in case the IMF refuses to take part. The vote will take place by September, before elections, sources have said.

Unnamed sources in the report published by Bild said that since the IMF has repeatedly stated that it will only participate in the bailout if significant debt relief is granted to Greece and Berlin refuses to consider anything of the sort, Schaeuble has come to the conclusion that the European Stability Mechanism (ESM) should step in to fill the gap left by the IMF.