Schaeuble defends tough line on Greek reforms

As Prime Minister Alexis Tsipras prepares to present a positive narrative at next month's Thessaloniki International Fair about how the country is turning a corner ahead of the next review by international creditors in the fall, German Finance Minister Wolfgang Schaeuble has reportedly suggested that Athens should be grateful to him for his tough stance on economic reform and austerity.

"One day they will build a statue in my honor in Greece in a show of gratitude for the pressure that I imposed in order for necessary reforms to be carried out," the outspoken minister was quoted as saying by German newspaper Handelsblatt.

According to the same newspaper, Schaeuble aims to turn the European Stability Mechanism into a European version of the International Monetary Fund, one of Greece's creditors. The concept is that of a European monetary fund that would help eurozone...