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Schauble's blackmail: Take 4.5 billion worth of measures or leave the euro

German Finance Minister Wolfgang Schauble said that imposition of harsh measures by the Greek government was “an inescapable road from the moment Greece decided to remain in the Eurozone”, during a speech at the EcoFin meeting in Brussels.

According to Greek newspaper “Kathimerini”, speaking before the EU council of Finance Ministers the German politician underlined that the mission was to bring Greece onto a sustainable, competitive path, admitting that such a task would be long and challenging within the common currency area. “As long as the Greeks desire to stay in the area, there is no third road”, he pointed out. Schauble shed some light on Monday’s EuroGroup meetings, revealing that his Greek counterpart, Euclid Tsakalotos had told him that Greece felt caught between two elephants. “He probably saw the IMF as an elephants, I do not know which the other one could be”, Schauble ironically said, while he escalated his criticism against Greek leaders scolding for constantly blaming others for their problems. He added that more time was necessary for the completion of the second review of the Greek program. The head of the German Finance Ministry expressed his disappointment over the resignation of Italian PM Mateo Renzi, adding that a period of uncertainty would follow in the country after the referendum result.