Germany prepared to use aid veto

Germany will veto aid to Greece if it is not satisfied with the findings of the so-called troika, a top official told a newspaper yesterday. Michael Fuchs, deputy head of Chancellor Angela Merkel’s ruling conservative bloc in the Bundestag, Germany’s parliament, told business daily Handelsblatt that even “glass half-full” results wouldn’t be good enough. The troika, made up of EU, IMF, and European Central Bank (ECB) representatives, is currently preparing a report, expected mid-September, on the diligence with which Greece is carrying out structural reform. In the same interview, Fuchs also came out in opposition to further ECB emergency loans.