Schäuble says Greek debt haircut ‘not allowed’

“Whoever knows the European treaties knows that a debt haircut is not allowed for bail-out,” Germany’s Minister of Finance, Wolfgang Schäuble, said on Tuesday (7 July) upon his arrival in Brussels.

“A week following the expiration of the program and after the referendum, we are eager to hear the Greek government’s proposals in the Eurogroup and the euro summit,” he added. “It has successfully fought for and has achieved a broad majority against a new program, we respect that, but without a program there is no margin for help to Greece within the eurozone.”

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