Financial Times
September 5, 2011
Former German chancellor Gerhard Schröder has called on Europe’s current leaders to take a softer line towards Greece, saying that while Athens must continue economic reforms it should be given more time to implement them.
Germany has been at the forefront of countries pushing Greece to stick to a far-reaching €28bn austerity programme agreed in June, a demand that risks derailing the country’s €110bn bail-out.
International lenders pulled out of Athens on Friday, warning the Greek government to quickly implement the measures or they would withhold an essential €8bn aid payment due at the end of the month.
Mr Schröder until now has avoided weighing in on the crisis but in a rare, wide-ranging interview with the Financial Times and Le Monde, Mr Schröder was careful not to criticise the recent handling of the crisis by his successor, Angela Merkel. But he said he did not believe it was in Europe’s interest to press Greece so hard.
“What we expect of Greece right now, the question is can that really be achieved? The Greek government is trying to introduce austerity programmes that are unprecedented,” he said, warning social unrest was a “great possibility” given the country’s continued economic contraction.
“Europeans in general should not stop expecting reforms from Greece, but Greece should get more time to introduce them.”
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