German finance boss tells Greeks to keep cutting

Julian Harris
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GERMAN finance minister Wolfgang Schaeuble encouraged Greece’s leaders to carry on with its austerity measures and reforms yesterday, warning that they must not seek further writedowns of the country’s mass debts.

Schaeuble held a joint press conference with Greek finance minister Yannis Stournaras during his controversial visit to Athens, as protesters were kept away by a huge police presence.

On the subject of a writedown, Schaeuble gave a blunt rebuttal. “My advice is not to continue this discussion,” he said. “We have to stick to what we’ve achieved. Anything else is not in the best interest of Greece. Another haircut beyond the 53 per cent for the private sector in not doable.”

Yet Schaeuble also praised the country, saying he was “very impressed” by its progress.