Schaeuble holds out against Greek debt cut

Schaeuble holds out against Greek debt cut

Germany's finance minister is underlining his opposition to a debt cut for Greece and urging Athens to push ahead with reforms before a meeting with his eurozone counterparts.

Eurozone finance ministers will review progress on the Greek bailout program Monday. The International Monetary Fund argues that Greece needs better terms on its debt payments for its economy to recover, but top bailout lender Germany has been reluctant to commit to debt relief measures.

Finance Minister Wolfgang Schaeuble was quoted Sunday as telling the Bild am Sonntag newspaper that a debt cut "wouldn't help Greece."

He added that "Athens must finally carry out the necessary reforms. If Greece wants to stay in the euro, there is no way past that – completely independently of the debt level." [AP]

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