Schaeuble: Time is running out for Greece

German Finance Minister Wolfgang Schaeuble said on Wednesday at a news conference that time was running out for Greece, which is trying to achieve a better deal with its international creditors.

Sticking to his hard line on Greece, Schaeuble said that Greece has stated time and again that it doesn't want a third bailout program.

Moreover, according to Reuters, the German FinMin said that discussion on the Greek issue should not focus on the country's debts but on how its economy could regain competitiveness.

More specifically, he said that "debt restructuring is not the issue but rather how Greek economy can become competitive and regain access to financial markets."