Germany's Schaeuble: hard work in Greece must go on

Reuters
July 2, 2011

German Finance Minister Wolfgang Schaeuble said on Saturday -- after the approval of the release of a tranche of loans to Greece -- that efforts to meet demands for the next tranche in the autumn must continue unabated.

Schaeuble said, after a conference call among the 17 euro zone finance ministers, the release was made possible by the Greek parliament passing austerity and reform laws on Wednesday and Thursday, removing the threat of a near-term debt default.

"After the release of the fifth tranche by the euro zone countries and the IMF, the next step must be tackled decisively: the measures passed in Athens have to be quickly implemented. The privatizations, for example, have to be started without delay," Schaeuble said.

"The work on a necessary new programme for Greece are continuing at a high pace. That means the inclusion of the private sector, which will be making a voluntary substantial contribution to the next programme for Greece."

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