German Finance Minister Says Greece Should Make More Cuts

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The Telegraph reported German Finance Minister Wolfgang Schaeuble said Sunday that Greece needs to attend to its ongoing fiscal crisis on its own instead of waiting for more help from the eurozone.

* Schaeuble said he doesn't feel Greece is doing enough to help itself out of its financial quagmire. The Telegraph quoted him as saying "no one on Earth that has followed this issue would think that Greece has fulfilled what it has promised."

* He also said that Greece has "forfeited much of Europe's trust" by not implementing the reforms it promised to undertake in exchange for billions of euros in bailout funds, according to Reuters, and "the ball is now in Greece's court" in regard to whether the nation can earn that trust back.

* He echoed German Chancellor Angela Merkel's opposition to eurobonds, a concept that has been strongly advocated by French President Francois Hollande and Italian Prime Minister Mario Monti. Schaeuble said "you cannot separate the responsibility for decision-making from the liability," as quoted by Reuters.

* Germany opposes eurobonds because it would link the European Union's stronger economies such as Germany's to the debts and spending issues of weaker economies. Schaeuble likened eurobonds to "spending someone else's money," as quoted by Reuters.

* Ekathimerini reported Greece's coalition government has decided its agenda largely centers on renegotiating key aspects of the bailout agreement the nation pledged to uphold to receive funds from the eurozone.

* The government wants to renegotiate the initial timeline in which the reforms were supposed to be implemented. It wants an extension into 2016.

* The new government also wants to implement changes to the nation's tax systems and has plans to shift funds to areas of the economy that have the chance for more growth. Leaders also want to change Greece's political system to remove the immunity for politicians who commit crimes, to increase transparency where political funds are concerned and to reduce public funding politicians receive, among other measures.

Vanessa Evans is a musician, traveler, and freelance writer with an interest in European studies and events.

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