In an advance copy of comments to news weekly Der Spiegel,
Jean-Claude Juncker, head of the Eurogroup of finance ministers from the
single currency zone, was quoted as saying Greece could no longer
expect solidarity from other eurozone members if it cannot implement
reforms it has agreed.
"If we were to establish that everything has gone wrong in Greece,
there would be no new programme, and that would mean that in March they
have to declare bankruptcy," he said.
The very possibility of bankruptcy should encourage Athens to "get muscles" when it comes to implementing reforms, he added.
Greece's government on Saturday continued talks with lenders to
secure a 130 billion euro bailout before turning to the trickier task of
persuading political leaders to back unpopular reforms involved in the
rescue.
On the brink of bankruptcy, Greece must wrap up talks with foreign
lenders on the bailout and quickly get political approval to ensure
funds begin flowing in time for it to pay back 14.5 billion euros of
bonds falling due in mid-March.
But negotiations with its 'troika' of international lenders have
stumbled over their demands that include cutting labour costs by axing
holiday bonuses and lowering the minimum wage - proposals strongly
opposed by Greek political party leaders.
In his comments in Der Spiegel, Juncker cited a promised
privatisation drive and the struggle against rampant corruption in state
administration as two areas that needed particular attention. (Reuters)
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