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Greece’s former Finance Minister, who steered the country into the single currency, has chided Angela Merkel after the German Chancellor said the debt-strapped country should have never been allowed to join the euro.
“She [Angela Merkel] should be more careful in what she is saying,” Yannos Papantoniou told The Independent. “I don’t really think Ms Merkel really believes what she says – it’s part of the party games played ahead of [German] elections.”
Ms Merkel, pictured, has been on the campaign trail for weeks now as she battles to win a third term when Germany holds its general election on 22 September. Speaking to supporters in the northern German river town of Rendsburg on Tuesday, Ms Merkel criticised her predecessor, Gerhard Schröder, for admitting Athens into the single currency.
“The crisis emerged over many years, through founding errors in the euro. For example, Greece should not have been admitted into the euro area,” she said.
Mr Papantoniou, who served as Greece’s Finance Minister from 1994 until 2001 under successive socialist Pasok governments, pointed out that Germany – alongside France and Italy – was among the first eurozone member countries, to break the fiscal rules that regulate the common currency.
While Greece has often come under fire for the accuracy of its statistics, Mr Papantoniou rebuffed claims that the acceptance of Greece in the bloc was undeserved and that membership was approved on the basis of false data provided by Athens.
“Full answers have already been provided and have not been challenged,” the former minister said, attributing a numerical discrepancy to a 2004 change of accounting rules for registering defence expenditure.
As her political rivals criticise her handling of the Greek crisis, Ms Merkel’s Finance Minister Wolfang Schäuble inflamed her critics when he recently admitted that Greece would be needing another loan – albeit much smaller than the two it has already received.
Greece’s current Finance Minister, Yiannis Stournaras, calculated the cost of a potential fresh bailout at about €10bn.
The German Chancellor was quick to allay angry voters who feel the German taxpayer continues to foot the bill for Greece’s financial mistakes. According to recent polls conducted by the Forsa institute, Ms Merkel remains the most popular German political leader by some distance.
Ms Merkel’s campaigning has been focused on her successful safeguarding of the German economy while she maintained a tough stance over the euro crisis.
Experts say Ms Merkel’s recent remarks over Greece reflect her overall electoral strategy to highlight differences between her party and the centre-left political rivals that supervised the admissions of the euro members.
– The Independent