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.

"If our creditors have not yet reached the point of respecting our reports and accepting them, if they need more time, we can take it into account and give it to them," said Christine Lagarde, head of the International Monetary Fund (IMF), in an interview with Handelsblatt.