Greece needs to fundamentally change its attitude in the current negotiation with its creditors, the German central bank warned in its latest monthly report on Monday.
The Bundesbank said the bailout program expiring in June cannot be continued under the current conditions, adding that Greece’s financial solvency is extremely jeopardized.
The creditor said a sustainable solution to the financial crisis is only possible if Greece implements substantial reforms.
“Greece is called upon to finally come up with appropriate reform proposals, stick to already agreed measures and do its bit to avoid insolvency,” the Bundesbank said in its report.
It pointed out that Greece had only been able to stay afloat because the state and Greek creditors keep receiving Emergency Liquidity Assistance (ELA) provided by the country’s central bank.
(source: Bundesbank, DW)
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