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Greek Finance Minister Urges Merkel to Make 'Speech of Hope'

© AP Photo / Petros GiannakourisGreek Finance Minister Yanis Varoufakis gives a speech during an Financial conference in Athens, on Tuesday, May 19, 2015
Greek Finance Minister Yanis Varoufakis gives a speech during an Financial conference in Athens, on Tuesday, May 19, 2015 - Sputnik International
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Greek Finance Minister called on German Chancellor to deliver a "Speech of Hope" for his cash-strapped country.

European Parliament President Martin Schulz - Sputnik International
EP President: Europe Ready to Compromise With Greece on Bailout Deal
MOSCOW (Sputnik) Greek Finance Minister Yanis Varoufakis called on German Chancellor Angela Merkel Sunday to deliver a "Speech of Hope" for his cash-strapped country that would mark an end to Athens’ ever-growing debt mountain and "punitive" austerity measures.

"She could use the opportunity to hint at a new approach to European integration, one that starts in the country that has suffered the most, a victim both of the eurozone’s faulty monetary design and of its society’s own failings," Varoufakis wrote in his blog.

The outspoken minister compared Greece’s current situation with that in post-war Germany and urged the German leader to make a speech similar to the one that US State Secretary James Byrnes delivered in Stuttgart in 1946.

Byrnes’ Restatement of Policy in Germany speech, also known as the Speech of Hope, heralded the country’s economic reconstruction after its defeat in World War II.

"Hope was a force for good in post-war Europe, and it can be a force for positive transformation now. A speech by Germany’s leader in a Greek city could go a long way toward delivering it," Varoufakis wrote.

He added that Greece has suffered "the heftiest dose of austerity any country has ever had to endure in peacetime" over the past five years.

Greece is currently in talks with its international creditors to unlock the final package of financial aid before the bailout plan, first agreed by Athens and the European Commission in 2011, expires on June 30.

Greece's national debt stands at around $350 billion, of which $270 billion is owed to its three biggest lenders, the IMF, the European Union and the European Central Bank.

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