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EU Official: Greece Unable to Exit Bailout Without Assistance


Greece will not be able to exit its ongoing bailout program earlier than scheduled without an additional assistance package from its lenders, an unnamed senior European Union official stated according to Reuters. “A completely clean exit is highly unlikely,” the EU official told journalists, as the news agency pressed, adding that the Union “will have to explore what other options there are. Whatever options we may be adopting, it will be a contractual relationship between the euro area institutions and the Greek authorities.”

The Greek government’s intention is to complete its bailout package by the end of the year, a target that has been characterized as impossible by a number of its European partners. Last week, Greek media spread speculation that Germany would financially help Greece after the following days of its exit, but the rumors were swiftly denied by German officials, including Minister of Finance, Wolfgang Schaeuble. “We reject reports by the Greek media, that Germany and Greece reached an agreement yesterday to further support Greece after the bailout program” spokesman of the German Finance Ministry, Frank Paul Weber, stated to Bloomberg via email.

Athens is seeking a possible credit line to assist in the case of unexpected events, Reuters reported in October, explaining that the Greek side desires the credit line to come without strict conditions, arguing that it has already shown commitment to economic reform. Earlier in October, Mr. Schaeuble declared that “Greece must resolutely continue to implement the agreed reforms. Being reliable creates confidence in the markets as well.”

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