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May 12, 2011

BERLIN, May 12, 2011 (AFP)
Greece will not receive any further aid from its European partners unless it tightens its belt further and submits to “clear conditions,” Germany’s finance minister said Thursday.

If it becomes clear that Greece needs additional assistance, “it must be discussed what further measures are to be undertaken, especially by Greece,” Wolfgang Schaeuble said in parliament.

“We will not be able to agree to further measures without clear conditions.”

Greece last year became the first member of the eurozone to receive a bailout from the European Union and the International Monetary Fund. Ireland and Portugal have since followed suit.

The bailouts have been highly unpopular among voters in Germany since it is the biggest contributor among European nations to the bailouts.

Speculation has mounted in recent days that Greece needs an additional 60 billion euros ($85 billion) over the next two years to help the country overcome a mountain of debt.

Analysts have also suggested that a restructuring of 340 billion euros in public debts would be needed.

Experts from the European Union, International Monetary Fund and European Central Bank (ECB) began on Tuesday an audit of finances and reforms in Greece to determine if it merits more funding.

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