A senior member of the German Chancellor Angel Merkel’s party, Michael Fuchs, was quoted as saying that the Eurozone is no longer obliged to rescue Greece and that the country is no “systemic importance” to the euro.
The comments, which were made in a Rheinische Post interview and republished by Reuters, were made in response to fears that a SYRIZA-lead government would renege on previous agreements with the troika and seek to overturn the existing austerity policy.
In his interview Mr. Fuchs stated that “if Alexis Tsipras of the Greek left party SYRIZA thinks he can cut back the reform efforts and austerity measures, then the troika will have to cut back the credits for Greece”. The comments echo a similar statement made by German Finance Minister Wolfgang Schäuble on Monday, who warned against deviating from the reform program.
