NEWS

Greek finance minister says cannot sign existing loan deal

Greece cannot simply sign up for an existing agreement on its debt that will not solve its economic problems, Finance Minister Yanis Varoufakis said on the sidelines of the International Monetary Fund meetings on Thursday.

In prepared remarks for a speech at the Brookings Institution, Varoufakis said «we will not sign up to targets we know our economy cannot meet by means of policies that our partners should not wish to impose.”

Greece is fast running out of cash and its euro zone and IMF lenders have frozen bailout aid until the new leftist-led government in Athens reaches agreement on a package of reforms.

That has raised fears the Greek government will not be able to make its next payments to the IMF, which total some $1 billion over the next month, putting the Fund’s own financial position at risk.

[Reuters]