Wolfgang Schäuble repeats – If Greece wants to stay in the euro must reform “regardless of the debt level”

Daily Star — Finance minister Wolfgang Schäuble has once again insisted Athens must implement reforms or face losing the shared currency.The country is more than €300bn in debt and has had three bailouts on the condition of upping taxes and slashing spending.

Now Mr Schäuble’s demand for more unpopular reforms could boost domestic support for Greece leaving the Eurozone, bringing back the national currency.

Speaking to German newspaper Bild am Sonntag, after an ECOFIN meeting held in Brussels, adding that Greece must reform “regardless of the debt level“.

The German finance minister also spoke about Monday’s Eurogroup and commented on reactions by Greek Finance Minister Euclid Tsakalotos: “Mr. Tsakalotos said he feels he is stuck between two elephants. He rather sees the International Monetary Fund as an elephant, but I do not know who the second elephant could be.”

Schaeuble also criticised the Greek government on its attitude in the negotiations of the second bailout program review: “It would be good that Greek leaders stop telling Greek citizens that “certain foreigners are to blame for Greece’s problems.”

Regarding the aftermath of Mondays meeting of eurozone finance ministers and the failure to complete the second bailout program review, Schaeuble estimated that, “It will take more time for the completion of the Greek program evaluation.”

“Athens must finally implement the needed reforms,” he said. “If Greece wants to stay in the euro, there is no way around it.”

Greece argues its monster debt is a barrier to growth – an argument backed by the International Monetary Fund (IMF).

But the IMF has also ramped up the pressure, demanding €4.2bn of extra savings to meet fiscal targets.

Mr Tsipras tweeted recently: “A relief of the Greek debt would not only benefit Greece but also Europe and consequently the global economy.”