European Economic Affairs Commissioner Olli Rehn warned against the failure of an aid deal for Greece, according to German newspaper Sueddeutsche Zeitung΄s Friday edition.
In an interview, Rehn said it΄s necessary that Greece΄s European partners persuade the indebted country to implement reforms linked to aid. “Otherwise, this program will fail,” he said, “and that will help neither Greece nor Europe.”
Top officials from the European Commission, the European Central Bank and the International Monetary Fund, known as the Troika, are expected to arrive in Athens on Friday to start negotiations with Greece on the aid deal.
Greece and its European partners hope the outlines of that new bailout package can be ready for a Jan. 30 EU summit. In March, Greece faces a EUR14.4 billion bond redemption it can΄t pay without some form of financing from its European partners and the International Monetary Fund.
Rehn said that internal Greek political problems have led to delays. He urged European officials involved to press their Greek colleagues to push through the reforms, according to Sueddeutsche Zeitung.
Rehn also urged Germany and other heavy exporters to do more for weaker euro- zone states, the newspaper said.
Furthermore, he said the European Stability Mechanism will need more firepower than planned. “We need a big solution,” he said, according to the newspaper. He predicted that Europe will have a sufficient protective mechanism in place by summer, the newspaper reported.
The draft treaty for the European Stability Mechanism will be discussed by euro zone finance ministers on Monday, and Rehn urged France and Germany to keep their fellow European states and Europe΄s institutions in mind, the newspaper said.
(source: Sueddeutsche Zeitung, capital)
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
