German minister rules out further Greek concessions

Germany’s finance minister has said he can’t see room for further concessions to Greece, insisting that the country must implement far-reaching reforms and cut its budget deficit.

International debt inspectors are scrutinising Greece’s finances and its progress in implementing unpopular budget cuts and reforms demanded in exchange for the rescue loan programme that is keeping the country afloat.

Greek officials have called for more time to implement the measures, but patience among creditors is running extremely short. If the inspectors’ report, expected in September, is damning, Athens could stop receiving rescue loans and face a disorderly bankruptcy and exit from the 17-nation euro.