European Disunion

Germany Risks Isolation on Greece

Greek Finance Minister Yanis Varoufakis Attends News Conference With Germany's Finance Minister Wolfgang Schaeuble
No great rapport. Wolfgang Schäuble and Yanis Varoufakis.
  • Why it matters

    Why it matters

    • Germany, the largest euro zone economy, is the biggest contributor to the bailout loans to Greece. If Berlin does not agree to a deal, Greece could be forced out of the euro zone.
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  • Facts

    Facts

    • German finance minister, Wolfgang Schäuble, rejected Greece’s application for a six-month extension to its bailout loan.
    • The eurogroup of euro zone finance ministers meet on Friday to discuss the Greek letter.
    • Greece’s current bailout program expires on February 28.
  • Audio

    Audio

  • Pdf

The rollercoaster ride that is the Greek euro crisis continues.

Euro finance ministers were poised to meet later today in Brussels — their third meeting in just over a week — to agree on a response to Greece’s latest proposal to end the euro crisis.

There had been near elation a day earlier after Athens seemed to have finally capitulated and applied for an extension to the bailout program. But things quickly turned sour when Germany flatly rejected the Greek offer.

At the beginning of the week it appeared to be the Greek finance minister, Yanis Varoufakis, who looked isolated. But today’s meeting could turn the tables and see Germany’s finance minister, Wolfgang Schäuble, cut a lone figure.

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