World Bulletin / News Desk
A senior member of Chancellor Angela Merkel's party issued a stark warning to Greece on Monday, saying Germany would not hesitate to veto further aid to the country if there were any signs it was not meeting the conditions of its bailout.
The comments, by the deputy parliamentary leader of Merkel's Christian Democrats (CDU) Michael Fuchs, are a sign that frustration with Greece among ruling party lawmakers is nearing the breaking point.
The "troika" of the European Commission, the European Central Bank and the International Monetary Fund is due to decide on the disbursement of the next tranche of money from Greece's 130 billion euro bailout package in September.
"Even if the glass is half full, that won't be sufficient for a new aid package. Germany cannot and will not agree to that," Michael Fuchs told German newspaper Handelsblatt.
"We long ago reached the point where the Greeks must show they are capable of delivering a shift. A policy of the last, last, last chance won't work anymore and must come to an end."
Merkel has suggested in the past that cutting off aid to Athens, a step which would likely push it out of the euro zone, carries too many risks for the bloc.
But she returns from her summer holidays this week under growing pressure from conservative allies to draw a line in the sand, regardless of the consequences.
In recent weeks, senior members of Merkel's coalition partners - the Christian Social Union (CSU) and Free Democrats (FDP) - have said a Greek exit from the euro zone would be tolerable. One predicted it would leave the currency zone by the end of this year.
Fuchs said Germany had reached its limit with Greece and would not hesitate to veto more aid if lawmakers were convinced it was not fulfilling the conditions of its bailout.
Were that to happen, he suggested that a Greek exit from the euro zone would be inevitable. Fuchs said Greece could remain a member of the European Union after a possible exit and receive a form of Marshall Plan to help it as it returns to its own currency.
Move gives international recognition to renminbi, fund's Christine Lagarde says
Summit is expected to provide member states with opportunity to consult, exchange views on the most important issues concerning them in the framework of the Gas Exporting Countries Forum
Slowdown in Chinese economy, rising oil stocks in US, and oversupply from OPEC are all factors making price of oil lower
'World is more connected than ever before. More and more developing countries are seeking to join global trade networks,' WTO director-general says
European Central Bank is ready to use ‘all instruments available’ to stimulate the eurozone economy, Draghi says
Kazakhstan has overtaken Australia as the lead supplier of uranium for US reactors.
Depreciation of emerging market currencies, combined with low commodities prices, have made investors around the globe nervous
Global growth at further risk from Chinese asset price deflation, and US interest rate increases, Moody's says
Traders fear Chinese government will withdraw support measures markets
European Commission president 'convinced' three-year plan will boost investment in EU
Deal aims to bolster fight against tax fraud through exchange of financial information on Turks holding accounts in US and vice versa
Vessels were delivered to port of Alexandria on June 17
The economic cost of violence according to the 2015 Global Peace Index has reached a staggering $14.3 trillion with Syria the least peaceful country.
The leading opposition lawmaker has said that Turkish President Erdogan is open to all possiblities for a coalition.
Qatar has filed a lawsuit against the leader of the National Front in France for his comments regarding "terror" activities.
Saudi Arabia will put in place an electronic bracelet system for all pilgrims visiting the country to perform their Hajj duties.