View more on these topics

Germany spurns Greek bailout proposals ahead of final talks

Germany has rejected Greece’s bid to secure an extension of up to six months on its debts.

A spokesman for German finance minister Wolfgang Schäuble said: “The letter from Athens doesn’t offer a substantial proposal for a solution.”

The rejection comes as time continues to run out on negotiations. Ministers are due to meet today in Brussels for another round of talks.

Greece’s current bailout expires on 28 February, and after talks fell apart earlier this week, chairman of the Eurogroup of finance ministers Jeroen Dijsselbloem said a deal must be made imminently.

He said: “We can use this week, but that’s about it.”

Greece’s recently-elected Syriza party has been seeking to avoid a long-term renewal of current bailout terms in order to secure a loosening of auterity requirements, and is reportedly proposing a debt refinancing driven by bonds linked to its GDP.

Earlier this week, Greek finance minister Yanis Varoufakis described an EU offer to extend the country’s current €240bn (£178bn) bailout on its current terms as “absurd” and “unacceptable”.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Thank goodness. It is looking like the cancer will be excised. There really isn’t any other choice. You don’t give whiskey to an alcoholic and this will serve as an example to any of the other countries who imagine they too can ‘twist the tail’.

    Anyway do we really want Marxists in the EU?

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com