19. August 2015

Association of German Banks: Help for Greece shows importance of solidarity and individual responsibility for Europe

Michael Kemmer, General Manager of the Association of German Banks, on today’s vote by the German Bundestag on further financial assistance to Greece:

“The German Bundestag today gave the go-ahead for the third bail-out package for Greece, thus once again demonstrating its solidarity with the country. Greece – as also shown by the approval in the other EU member states – can continue to rely on European assistance. The success of the rescue programme now lies solely in the hands of the Greek people. Only if the government and citizens embrace the upcoming reforms and don’t see these as imposed on them will Greece manage to overcome the crisis.

Michael Kemmer, General Manager of the Association of German Banks, on today’s vote by the German Bundestag on further financial assistance to Greece:

“The German Bundestag today gave the go-ahead for the third bail-out package for Greece, thus once again demonstrating its solidarity with the country. Greece – as also shown by the approval in the other EU member states – can continue to rely on European assistance. The success of the rescue programme now lies solely in the hands of the Greek people. Only if the government and citizens embrace the upcoming reforms and don’t see these as imposed on them will Greece manage to overcome the crisis.

A rescue programme that is rejected deep down inside by those to whom it is addressed has no chance of success, on the other hand. Much too much time has elapsed without Athens launching the reforms that can make the country internationally competitive again. It is high time to act.

Against this backdrop, it is important that the Bundestag has now also again stressed the significance of each EU member state taking responsibility for itself. It must at the same time be clear that Europe as a whole urgently needs to refocus on the existing rules. This is why it is necessary to tie the third bailout package for Greece to strict conditions.”

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