Bavaria FinMin says Greece should leave the euro

Bavaria's Finance Minister Markus Soeder said Thursday Greece should leave the euro area instead of receiving more European aid.

“Because Greece can't or doesn't want to make it... it only makes sense to smooth its way out of the euro -- otherwise it is just like a money sink,” the Wall Street Journal quoted him as telling German radio.

The comments by Soeder, who is a member of the Christian Social Democrats, the junior coalition partner of Chancellor Angela Merkel's Christian Democrats, followed remarks by German Economy Minister Philipp Roesler who this weekend indicated he was skeptical about Greece's progress with reforms.

“In terms of reform steps, there is nothing,» Soeder was quoted as saying about Greece. “So I don't think the solution lies in giving more money to Greece but that Greece will leave the eurozone.”

The leaders of the three parties that form Greece’s coalition government on Thursday faced the unhappy task of approving 11.5 billion euros in spending cuts over the next two years in the hope that this will help convince the country’s lenders to release further bailout funding for Athens.

Meanwhile, European Union Commission President Jose Manuel Barroso was scheduled to meet Greek Prime Minister Antonis Samaras on Thursday in Athens to discuss the nation's progress. His trip coincides with a visit by EU/IMF inspectors to assess whether Athens deserves to receive more payments under the 130 billion euro rescue program.


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