Canadian Finance Minister Joe Oliver said the European Union and Greece must make compromises to end a showdown over the Mediterranean country’s bailout program.
“There is going to be a tremendous effort to make sure that Greece does not leave the currency union,” Oliver said in an interview in Istanbul where Group of 20 finance ministers and central bankers are meeting. “Compromise is clearly going to be needed but the situation is very serious.”
Greece tops the list of worries at the G-20 gathering, which started today, with concern rising that its membership of the euro has never been more tenuous. The meeting takes place a day after Greek Prime Minister Alexis Tsipras reaffirmed his government’s rejection of its bailout program. Oliver said Tsipras will need to pare his expectations.
“You just can’t give a country a free pass and start lending to them again,” Oliver said. “Who’s going to do that? There’s got to be a willingness to take the measures that will make a difference.”