Michael Fuchs, the deputy parliamentary leader of Germany’s Christian Democrats party, has expressed his frustration towards Greece’s current financial predicament. Fuchs noted that Germany would not hesitate to cut its aid to Greece, if Greece failed to meet the conditions of its bailout.
“We long ago reached the point where the Greeks must show they are capable of delivering a shift. A policy of the last, last, last chance won’t work anymore and must come to an end,” he said. His slant underscores the growing uncertainty towards Greece that has since planted seed in the European region.
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As of the moment, the next wave of Greece’s financial aid has not yet been extensively discussed by the International Monetary Fund, the European Central Bank, and the European Commission. Though the decision will be made before September, there is still no idea as to how much the September disbursement will gnaw off from the 130 billion Euro (around $160 billion) bailout package.
While Merkel’s past inclination towards Greece’s situation was characterized by caution, care and moderation, her approach seems to have changed. She is now under overwhelming pressure to blackball Greece. Most of this pressure stems from the conservative fold of Merkel’s allies.
Interestingly, if Germany were to bottleneck its aid to Greece, the consequences may blow out of proportion. This step would not only sideline Greece with regard to the Eurozone, but would also extend a lot of risks for the bloc.
The frustration in Merkel cuts across all boards, as more senior members other than Fuchs have exhibited negative sentiment towards Greece in the past. A few weeks back, coalition partners from Free Democrats and Christian Social Union noted that the idea of Greece walking out of the Eurozone was passable. One of these senior members even went ahead to extend his foresight, remarking that Greece would step out of the currency zone by the fall of this year.
Fuchs, who also shared insight about the possibility of Greece’s exit from the Eurozone, highlighted the fact that Germany would not settle for middle ground. His comments candidly displayed his frustration towards Greece’s financial problems.
At the end of it all, Fuchs however highlighted that Greece would still remain a member of the European Union in the event that its exit from the Eurozone saw the light of day. He also noted that a possible exit from the Eurozone would grant Greece the right to a form of Marshall Plan, as it pulls back to its independent currency.
All this comes at a time when temperatures in Greece’s government have reached unprecedented highs. Pressure is mounting from all angles, as the government desperately tries to save an already bad situation from getting worse.