Merkel’s associate: No extension, no solution for Greece

Michael FuchsMichael Fuchs, Vice President of Christian Democratic party and close associate of German Chancellor Merkel said today that the Greek government has to accept an extension of the current bailout program, if a solution is to be found with regard to its debt issue.

In an interview with Agora newspaper, Fuchs reiterated his party’s position that Greece must accept that it has an obligation to observe the agreed reforms. “Only after such a commitment, adjustments can be discussed,” the German Deputy underlined.

Fuchs also rejected Greek Finance Minister Yanis Varoufakis’ proposal for a bond swap, offering the following justification: “The European Central Bank cannot participate in a bond swap for legal reasons and the International Monetary Fund would never agree to such a proposal, nor would any European government.”