Berlin open to backing early Greek bailout exit

Finance Minister Gikas Hardouvelis on Wednesday secured the commitment of his German counterpart Wolfgang Schaeuble that Greece’s eurozone partners would approve the country’s early exit from the memorandum with a precautionary credit line if all is in place by year-end.

Schaeuble pledged the support, Kathimerini understands, on the condition that it wins the required approval in the Bundestag and some other eurozone parliaments by the end of December. The exact nature of the credit line which would be extended to Greece remains unclear but its aim would be to provide Greece with emergency funding in the event that it is unable to tap capital markets.

Speaking after meeting Schaeuble in Berlin, Hardouvelis said the talks focused on the progress of economic reforms in Greece and the outlook for the country’s relationship with its international creditors following the end of the European arm of the bailout on December 31. “We have to enter a new relationship from January 1,” Hardouvelis said. “The German side understands this, that we must find a solution soon, and set the parameters for the relationship.”

Hardouvelis said the issue of the so-called troika – the European Commission, the European Central Bank and the International Monetary Fund – was not discussed at all during the meeting, noting that it was “a discussion between two states.” “Germany has its opinion, and has helped Greece repeatedly,” Hardouvelis said, adding that the two sides were now discussing a “mutually acceptable solution going forward.”

The Greek minister appeared confident that Berlin would continue to help Greece, describing Schaeuble as “pro-European.” “He wants a strong euro, a strong eurozone, and it was emphasized during our meeting that in order to have a...