Germany Changes Stance on Greek Bailout Program

Wolfgang Schaeuble, German Finance Minister, expressed confidence that the Greek government will fulfill the conditions of EU's bailout program.

German Finance Minister Wolfgang Schaeuble, a longstanding critic of the Greek government has softened his stance and expressed confidence that Athens will implement further economic reforms in order to bring the country out of crisis.

According to the Finance Minister, Greece's new government enjoys strong public support in the country and needs just a little more time to implement necessary reforms aiming at resolution of the current debt crisis.

It is worth mentioning that previously the politician voiced his skepticism regarding the negotiations with the Greece's Finance Minister Yanis Varoufakis and Prime Minister Alexis Tsipras. Media sources emphasized that an obvious lack of synergy between the two finance ministers was a stumbling block to further progress in talks.

Surprisingly, Wolfgang Schaeuble has softened his stance and characterized both Greek Prime Minister Alexis Tsipras and Yanis Varoufakis as competent politicians who demonstrated their willingness to fulfill the conditions of the bailout program, including necessary cuts and saving.

As a result of the compromise, Germany's Finance Minister vowed a four-month extension of Greece's aid program. The decision was overwhelmingly approved by the Bundestag on Friday.

However, Mr. Schaeuble warned that if Greece failed to keep its promise, there would be no further aid from the Eurogroup. He added that it was not yet clear if the country needed further aid in the future. In his turn, Alexis Tsipras denied that Athens would appeal for another international bailout.

It is worth mentioning that Germany is the major creditor of Greece, while the overall debt of the Balkan country currently amounts to more than 320 billion euro. In 2015 Athens will need almost 21 billion euro for its debt repayment. The country's GDP has dropped by 25 percent since 2008, while its households income has diminished by 40 percent.