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Berlin declines comment on possible other uses for unused loans to Greece
November 27, 2017 / 11:45 AM / 14 days ago

Berlin declines comment on possible other uses for unused loans to Greece

BERLIN (Reuters) - A German Finance Ministry spokesman declined comment on Monday on possible alternative uses for unused credits for Greece after the euro zone bailout fund’s chief suggested left-over credit could be allocated to other purposes.

The spokesman said Greece’s lenders would provide an update on the country’s situation at a meeting on Dec. 4.

“On the question of how things will proceed, the programme review first needs to be successfully finished and I don’t want to pre-empt the next meeting of the Eurogroup on that,” the spokesman said.

“I think things will be clearer after that so I don’t want to speculate about possible other uses of funds or about what legal consequences this might have.”

The head of the euro zone’s European Stability Mechanism (ESM) bailout fund told Handelsblatt’s Monday edition that Greece was making good progress with its reform drive. He said unused funds could be used to repay loans to other creditors.

Reporting by Michelle Martin and Thomas Escritt; editing by Mark Heinrich

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