Germany’s FinMin: New Greek govt must respect pledges

German Finance Minister Wolfgang Schaeuble said on Friday that Greece would have to ?bear the consequences? if its voters elected a new government in an election on Sunday that does not respect commitments made by the outgoing coalition.

In a speech in the western German city of Cologne, Schaeuble said future Greek governments must honour the commitments made to international lenders by the current coalition made up of the centre-right New Democracy Party and the socialist PASOK party.

Noting that European Union membership is voluntary, Schaeuble also said he did not believe the results of elections on Sunday in Greece and France would in essence have any impact on German financial policies.

Schaeuble reiterated his view that the Spanish government is on the right path of reform but still needs more time. [Reuters]