Greece must respect terms of reform program, Berlin says

PanARMENIAN.Net - Greece must respect the terms and timetable of its reform program agreed as part of an EU-IMF bailout as the "only and right" way out of its debt crisis, the German finance ministry warns.

Greece must respect the terms and timetable of its reform program agreed as part of an EU-IMF bailout as the "only and right" way out of its debt crisis, the German finance ministry warned Monday, May 14, SBS reported citing AFP.

"The second program for Greece provides for clear goals and content. It is the only and right means by which Greece can recover," a finance ministry spokeswoman told a regular news conference.

Germany believes the program, including its duration, is the "right stance" and remains valid despite the May 6 elections, she added.

Greece is facing the possibility of fresh polls amid a failure by feuding political parties to bridge their divisions over the EU-IMF deal and form a new coalition government.

"For the German government, the most important thing is that the political forces succeed in consolidating themselves into a workable majority, a workable government," government spokesman Steffen Seibert told reporters.

Eurozone finance ministers, due to meet in Brussels later, will aim to send a strong message to the political parties in Athens that debt-laden Greece must respect the terms of its March deal for a reworked bailout package.

Greece is committed under the European Union-International Monetary Fund accord to finding another 11.5 billion euros ($14.8 billion) in savings over the next two years and needs to repay 435 million euros in maturing debt on May 15.