Grexit no threat to Eurozone, says Estonian finance minister

Photo: Reuters/Scanpix
6/29/2015 12:10 PM
Category: Politics

Reforms pushed through in the past few years have made the monetary union stronger than ever and the crisis in Greece does not endanger Eurozone, Estonian Finance Minister Sven Sester said.

Sester told ERR after a meeting of EU finance ministers in Brussels over the weekend, that all parties are working towards the same aim – to keep Greece in the Eurozone.

He said euro nations have built a safety net to guarantee the stability of the Eurozone.

On Saturday, EU finance ministers refused to extend the existing bailout program for Greece, which runs out at the end on June. Greece's parliament voted late on Saturday to organize a referendum on the issue, asking its citizens if they agree to the bailout extension terms set out by creditors.

Sester said international lenders have given the country ample opportunities to move on, but they have been unused. “Finance ministers of the Eurozone and international institutions behind the negotiation table – the European Commission, the European Central Bank and the International Monetary Fund (IMF) – have given Greece enough opportunities and flexibility in the last few months, but that was left unused,” Sester said.

Greece currently owes 323 billion euros, around 30,000 euros per citizen, mostly to the European Financial Stability Fund (141.8 billion euros), the Greek Loan Facility program (52.9 billion), with IMF, the European Central Bank, Greek banks, the Bank of Greece, foreign banks and other bonds also in the mix.

J.M. Laats

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