German FinMin Schaeuble must ‘stop blocking’ solution for Greece, Socialists & Democrats say

The Eurozone must honour its commitments to Greece, releasing bailout funds and implementing promised debt relief, the Progressive Alliance of Socialists and Democrats group in the European Parliament said in an announcement ahead of Monday’s Eurogroup. In the same announcement, it called on German Finance Minister Wolfgang Schaeuble to “stop blocking a constructive solution for Greece.”

The announcement issued by S&D Group Vice-President Udo Bullman, a member of the European Parliament Committee on Economic and Financial Affairs, asked for “constructive solutions instead of dogmatic blockades.”

“After the immense savings efforts which the Greeks have implemented in recent years, the Euro-Finance Ministers must now honour their commitments, release bailout funds, and implement the debt relief that has been promised for a long time,” Bullman said.

This was not only fair but also sound economics, he added: “Only if we make sustainable growth possible in Southern Europe can the apocalyptic scenario in the Eurozone be left behind. A Greece that has been destroyed by dogmatic cuts while it continues to suffer under its debt burden cannot recover. Finance Minister Schaeuble must no longer block a constructive solution for the crisis-stricken country.”

The measures approved by the Greek Parliament last week created the conditions for the release of further bailout installments, Bullman noted, while adding that it was “only the latest in a long series of reforms, which have exhausted the country.”

All Greeks, from children to pensioners, have made “their own painful contribution” to the recovery of the state budget, Bullman pointed out, with the hope that the international community would make concessions in the form of debt relief.

“This promise must not fail because of the stubborn austerity obsession of the German Finance Minister,” he said.