A default wouldn’t help Greece and is not an option to end the country’s debt crisis, German Deputy Finance Minister Steffen Kampeter said, calling on the government in Athens to deliver on budget cuts.
“Nobody gets any profit” out of Greece exiting the euro, Kampeter said in an interview broadcast today by Bloomberg Television. “They have to do it the hard way.”
European Union leaders left a Jan. 30 summit in Brussels without an accord over how to plug Greece’s widening budget hole. Greek Prime Minister Lucas Papademos said he would try to meet German-led demands for a bigger debt writedown by investors and deeper budget cuts by his government.
“We’re a bit concerned that Greece will not be willing to deliver in time,” Kampeter said in the interview, which was conducted in New York yesterday. “We’re not out of the plan, we’re just on track, but Greece has to deliver the next step.”
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