German Chancellor Angela Merkel and hardline minister Wolfgang Schaeuble will meet Greece’s opposition leader this week, just days after Germany ramped up pressure on the stricken nation to leave the eurozone.
A ‘Grexit’ could be on the cards as Greece once again attempts to claw itself back from the depts of financial ruin by meeting the conditions agreed in its bailout package.
But in a major U-turn, German officials are expected to tell Greece that leaving the euro currency zone is not an option.
Germany is expected to tell Greece leaving the EU is not an option
Finance minister Mr Schaeuble is expected to tell Greek opposition leader Kyriakos Mitsotakis he wants to hold the eurozone together, with Greece.
The vote of confidence marks a turnaround from Mr Schaeuble’s recent comments, in which he warned the only way Greece's loans can be written off is through the country leaving the eurozone.
Mr Schaeuble said: “We can’t undertake a debt haircut for a member of the European single currency, it’s ruled out by the Lisbon Treaty.
Kyriakos Mitsotakis, left, will ask the German government for some 'fiscal air'
"For that, Greece would have to exit the currency area.”
Greek prime minister Alexis Tsipiras is in a race against time to prove to the Brussels club that he is capable of turning the country’s capital markets to profit while keeping to his commitments on €86billion in loans.
Mr Mitsotakis is expected to ask the German government to allow Greece some “fiscal air”, according to New Democracy staff.
Protest in Greece turns violent Wed, November 16, 2016
Protests in Greece turn violent following a protest against the visit of the US president in Athens on November 15, 2016
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We can’t undertake a debt haircut for a member of the European single currency, it’s ruled out by the Lisbon Treaty
He will also discuss the escalating migrant crisis and the overall state of Europe.
Mr Mitsotakis will say: “The sacrifices of Greek people should not go to waste. After seven difficult years, Greece should finally emerge from the crisis and not get into a new vortex.
“In this effort, we will need the support of our partners. A support, which will not only benefit Greece, but will also contribute to strengthening European cohesion at a difficult time for the European Union.”
Greek Prime Minister Alexis Tsipiras is trying to turn his country around
The stricken Mediterranean country remains the biggest threat to the future of the European Union despite seven years of gruelling recession and austerity imposed from Berlin and Brussels.
Greece’s crumbling position has raised fears that the country could still collapse, dragging the euro currency down with it.
But two years after he pledged to end "austerity" and fight back against "humiliation and suffering" Greek leader Mr Tspiras has failed to live up to his pledges.
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