Germany sets Greece ultimatum to reform or leave EurozoneDecember 5, 2016 - 17:56 AMT PanARMENIAN.Net - German Finance Minister Wolfgang Schaeuble told Greece to carry out unpopular reforms if it wants to stay in the Eurozone, ruling out debt relief for Athens. The warning may signal yet another emergency in the continent already beset by multiple crises, RT reports. As Eurozone finance ministers prepare to meet in Brussels on Monday, December 5 to discuss short-term debt relief for Greece, Schaeuble delivered an ultimatum to Athens: the country, which already has a staggering €330 billion ($349 billion) debt burden, must reform or face an exit from the EU. “Athens must finally implement the needed reforms,” Schaeuble told Bild am Sonntag on Sunday. “If Greece wants to stay in the euro, there is no way around it – in fact completely regardless of the debt level.” To secure new loans from European financial institutions, Greece has to ‘liberalize’ the labor market, particularly by allowing companies to fire employees more easily and with less legal obstacles. Among other unpopular measures is Brussels’ proposal to curb certain rights of Greek labor unions. Schaeuble added that Athens must not rely on any assistance from international creditors at the moment, saying, “It will not help Greece.” The German government has promised not to request their parliament for more money for Greece unless the International Monetary Fund (IMF) resumes lending to Athens. The IMF in turn says that new loans are not an option unless it is reassured that Greece’s debt burden is sustainable. The Greek government, currently led by left-wing party Syriza, has long argued that the country’s overwhelming debt load is the main obstacle to sustainable growth. Governor of the Bank of Greece Yannis Stournaras said new measures were needed to ease Athens’ debt burden. “We’ve made clear that there is no chance we’ll accept what the IMF demands on [austerity] measures and labor reforms,” Tzanakopoulos said, as quoted by Reuters. Athens has received three international bailouts since 2010, and its debt, at about 180 percent of GDP, is still the highest in the Eurozone, amounting to over €300bn of emergency loans. The news comes as Italian Prime Minister Matteo Renzi suffered defeat at the referendum he proposed, in which most bills would only need approval from the Chamber of Deputies to become law, with the exception of passing constitutional reforms or ratifying EU treaties. During the campaign, Renzi argued the new reforms would boost economic growth and prevent Italy from going into political gridlock. Related links: Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |