The Union of Greek Shipowners (UGS) has reacted angrily to suggestions made by German Finance Minister Wolfgang Schaeuble that the Greek government had failed to keep promises to abolish a series of tax breaks for Greek Shipping.

There will be no fourth memorandum, German Finance Minister Wolfgang Schaeuble on Tuesday said in statements to Deutsche Welle TV. 

"I expect that the International Monetary Fund (IMF) will remain (in the Greek programme). It is not so important the percentage it will participate with; what it matters is that it will do so," German Finance Minister Wolfgang Schaeuble on Friday said in an interview with German newspaper Rheinische Post.