Sunday, May 24, 2015Sunday, May 24, 2015

Greece made 'substantial progress', no new talks: Germany

Published on Sep 11, 2012 6:31 PM
German Finance Minister Wolfgang Schaueble addresses the Bundestag, the lower house of parliament, in Berlin on Sept 11, 2012. -- PHOTO: REUTERS

BERLIN (AFP) - Germany's finance minister on Tuesday hailed "substantial progress" made by Greece in cutting its debt mountain but urged Athens to stick to its promises if it wanted to receive much-needed fresh aid.

Speaking in the Bundestag lower house of parliament, Mr Wolfgang Schaeuble said: "Even Greece has made substantial progress in reducing its budget deficits."

"But it is clear that all obligations agreed in its programme at the start of the year must be stuck to," he insisted.

"If this doesn't happen, then confidence would be destroyed again and there would be a heightened danger of contagion throughout the euro zone. Therefore there can be no new negotiations," Mr Schaeuble said.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!