German Finance Minister Wolfgang Schaeuble said accepting more austerity in return for bailouts means Greece will eventually recover.
Despite passing more harsh austerity that opened the door to release of delayed bailout funds, sooner or later debt is gonna cut Greece down.
After warning it might pull out of Greek bailouts, the IMF has acceded to German political machinations over how to proceed.
Greece’s European lenders are ready to reward Prime Minister Alexis Tsipras with 11 billion euros from a third bailout for passing reforms.
Greek Prime Minister Alexis Tsipras, bending to creditors, has agreed to automatic spending cuts if fiscal targets aren’t met.
German Finance Minister Wolfgang has dashed Greece’s hopes to get a break from its austerity-laden international bailouts.
The IMF reportedly says Greece should not have to pay back its international lenders until 2040 and then have 40 years to pay.
Greece’s beleaguered government is still pushing international creditors to provide debt relief but the talks and hopes are still lingering.
Bank of Greece Governor Yannis Stournaras said the government must quickly implement reforms it agreed with international lenders.
It’s déjà vu all over again for Greeks now that Prime Minister Alexis “Che” Tsipras has been backed into a corner by the county’s creditors.