GERMANY TO GREECE: There Will Be No ... - Business Insider

BERLIN (AP) ? Germany's finance minister said in an interview published Sunday that he can't see room for further concessions to Greece, insisting anew that the country must implement far-reaching reforms and cut its budget deficit.

International debt inspectors are scrutinizing Greece's finances and its progress in implementing unpopular budget cuts and reforms demanded in exchange for the rescue loan program that is keeping the country afloat.

Greek officials have called for more time to implement the measures, but patience among creditors is running extremely short. If the inspectors' report, expected in September, is damning, Athens could stop receiving rescue loans and face a disorderly bankruptcy and exit from the 17-nation euro.

"The aid program is already very accommodating. I cannot see that there is still scope for further concessions," German Finance Minister Wolfgang Schaeuble was quoted as telling the Welt am Sonntag newspaper.

As part of its austerity efforts, Greece has achieved a remarkable reduction of its budget deficit from 15.8 percent in 2009 to 9.1 percent last year. However, the country is considerably off-target in other areas of reform.

Athens largely blames this on a deeper-than-anticipated recession. However, a political crisis sparked by fierce rivalry between Greece's main political parties stalled the reforms for three months, and a three-party coalition finally emerged in June after two inconclusive elections.

Schaeuble said that "the problem did not arise because of flaws in the (rescue) program but because it was insufficiently implemented by Greece."

The country, he added, "cannot get around improving its competitiveness substantially through far-reaching reforms. In addition, Greece must achieve a sustainable level of debt by reducing its deficit."

"It doesn't help to speculate now about more money or more time," Schaeuble was quoted as saying.

Germany's vice chancellor, Economy Minister Philipp Roesler, openly questioned last week whether Greece would satisfy the conditions to receive further aid and said the prospect of a Greek exit from the euro has "lost its horror." He defended those comments, which prompted sharp criticism from Germany's opposition, in an interview broadcast Sunday.

"I remain skeptical as to whether Greece will actually have implemented the agreed reform conditions" when the debt inspectors report, Roesler told Deutschlandfunk radio.

"There can be no discounts on reforms," he said. "And that means: no further payments if the reforms are not fulfilled."

Source: http://www.businessinsider.com/germany-tells-greece-to-get-it-together--or-else-2012-7

grammy nominations lil boosie new edition austerity rihanna and chris brown back together bobbi kristina brown keanu reeves