German Finance Ministry: No haircut, no extension on Greek debt

scheubleA spokesperson for the German Finance Ministry said that it had ruled out the possibility of  another haircut on Greek debt or extending the deadline for repayment.

The only option on the table, according to the spokesperson, was a potential extension of the current program.

“There is of course the possibility, or option as I would say to move forward constructively in any discussion. It always depends on how such a request will be made but on principle there is always that option,” the Finance Ministry spokesperson said.

While the German position is hardly a surprise, it appears to indicate that the incipient SYRIZA led government is on a collision course with the austerity hawks led by the German Chancellor Angela Merkel and the German Finance Minister Wolfgang Schauble.

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