Schaeuble sees ESM role in supervising Greek program

Schaeuble sees ESM role in supervising Greek program

The European Stability Mechanism (ESM) could supervise Greece’s bailout program in the event that the International Monetary Fund (IMF) decides to withdraw, German Finance Minister Wolfgang Schaeuble has said.

“If the Fund for some reason decides not to participate, the Europeans… will have to impose what was agreed on, obviously more effectively,” Schaeuble told Suddeutsche Zeitung on Thursday.

The German minister said that, in this event, European lenders would have to “significantly improve” the conditions agreed in a new aid program, including giving the ESM the duty of overseeing the implementation of the Greek prorgram.

He added that this would have to be approved by the German Bundestag.

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