NEWS

CSU’s Fuchs says German exposure to Greek exit is low

One of the most senior parliamentarians in Chancellor Angela Merkel?s Christian Democratic Union (CDU) has repeated his assertion that a Greek euro exit would be ?manageable? and that Athens should not receive any more loans if the troika does not deliver a positive review.

?A theoretical exit for Greece would be manageable,? Michael Fuchs told reporters in Berlin on Friday. ?The exposure at this stage is about 17 billion euros if I?m not mistaken,? virtually all of it in the public sector, he said, according to Bloomberg.

Fuchs, vice chairman of the parliamentary group for the CDU and its sister party, Bavaria’s Christian Social Union (CSU) has made similar suggestions over the past few weeks. He added that Greece should only receive further bailout loans if the troika report shows the government is making progress in meeting its fiscal and reform targets.

“I think it?s important to stick to what we’ve agreed,» he said. «I hope the troika comes back with a positive report. If they don’t, then Greece cannot be paid.”