Tuesday, February 10, 2015

Germany Toughens Tone With Greece Before EU Meetings

Bloomberg
February 10, 2015

Germany and Greece drew battle lines ahead of an emergency meeting of official creditors today, setting the stage for a clash.

German Finance Minister Wolfgang Schaeuble doused expectations of a positive outcome for Greece at the meeting in Brussels, saying there are no plans to discuss a new accord or give the country more time. Greece’s new Prime Minister Alexis Tsipras was defiant, saying there is “no way back” for his government, and that he wants a new agreement that won’t subject his people to more pain.

Tsipras said in a speech before a vote of confidence in parliament that he wants an accord “that is in the mutual interest of Greece and its partners, one that will end punitive terms and the destruction of the Greek economy.”

The discord risks roiling Greek markets again after they were buoyed by optimism on Tuesday that there might be room to move toward an agreement. Greek government bonds rose for the first time in five days and the benchmark Athens Stock Exchange Index advanced 8 percent.

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