Greek Debt Crisis: Germany lays down the law and insists they make drastic pension cuts
GERMANY’S finance minister has demanded the Greek parliament push through drastic reforms in the country’s public services in order to achieve their bailout.
Berlin is hosting talks with finance ministers today and held a party in Berlin’s private members club Soho House last night.
People have been protesting in the streets of Athens on a day to day basis as they react furiously to demands that the country cut pensions of up to 18 per cent as Germany, the IMF and the ECB refuse to step into help the citizens, according to Express.
Greece has been struggling to cope with the cost of the european migrant crisis which is again under the spotlight after record numbers reaches the shores of Europe from Libya.
Nonethless Germany and its partners have maintained the country will be forced to make horrific cuts rather than look at reasonable, straighforward solutions and keep them under the threat of expensive default.
Mr Schäuble echoes the sentiment of German chancellor Angela Merkel who blasted Greece for giving its pensioners emergency winter payments.
Capital flight in the country remains high as a run on the banks that began in January continues.
The news comes as a G7 finance minister’s meeting gets underway ahead of a full leaders’ summit later this month.
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