Greece govt approach 'not very coherent'

Spain's Economy Minister Luis de Guindos says the Greek government's approach to negotiations over its economy has been "not very coherent".

Spain's Economy Minister Luis de Guindos has criticised Greece's anti-austerity government for its "not very coherent" approach to negotiations over its finances and economy.

"We have wasted very precious time over the last three or four weeks," de Guindos said.

"They have not made a lot of friends."

Greece has relied on loans from European creditors and the International Monetary Fund since 2010.

It is in talks over the conditions for its next loan instalment, without which it could default as soon as next month.

That has sent Greece's borrowing costs soaring.

De Guindos said he hopes significant progress in the negotiations will occur before a European finance ministers meeting on May 11.

"Time is running out," he said.

De Guindos spoke on the sidelines of the semi-annual meetings of the IMF and World Bank.

He criticised Greek officials for previously raising the spectre of default, only to then reverse themselves.

Greece's government needs to privatise state-owned companies, cut red tape and continue to reduce spending, he said.

"We are not discussing restructuring or forgiving the debt," he said.

"We are discussing the kind of reforms to make the Greek economy efficient, competitive and growing again."


Share

2 min read

Published

Updated



Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world