The German government signalled a tough line towards Greece today, saying it saw no basis for new bailout negotiations and insisting it was up to Athens to move swiftly if it wanted to preserve its place in the euro zone.
With opinion towards Greece hardening in Germany’s ruling coalition following the landslide rejection of European bailout terms in yesterday’s referendum, Chancellor Angela Merkel’s spokesman indirectly raised the prospect of a Greek exit from the currency bloc.
“Greece is a member of the euro. It is up to Greece and its government to act so that this can remain the case,” Steffen Seibert told a government news conference. “It depends now on what proposals the Greek government puts on the table.”
Pressed on what concessions Berlin might be willing to make to Greek Prime Minister Alexis Tsipras, a finance ministry spokesman dismissed the idea of a debt restructuring sought by Athens and favoured by the International Monetary Fund (IMF).
German Chancellor Angela Merkel travels to Paris later today to agree a common stance towards Greece with French President Francois Hollande.
The rhetoric out of Paris, Madrid and other capitals was more conciliatory towards…
Source: TOM