‘No question’ of easing Greek bailout: French minister

He may be a socialist, but France's economy minister showed no support on Thursday for Greece's new left-wing government and its push to overhaul the terms of its bailout.

"We all know the situation about Greek debt‎.‎ There is no question to change our state of mind, to change our views. They‎ (Greece) have past commitments," Emmanuel Macron, France's economy minister since August 2014, told CNBC.


Emmanuel Macron
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Emmanuel Macron

The battle lines between Greece and the rest of Europe were drawn up on Tuesday when Syriza called off the planned privatization of Greece's Port of Piraeus. Then on Wednesday, the party, led by Alexis Tsipras, announced the reintroduction of the minimum wage, as well as the rehiring of sacked government workers and a halt to other privatization schemes.

Also on Syriza's agenda is easing the repayment terms of the 240 billion euros ($295 billion) in loans the country has received since the height of its financial crisis in 2010—a hope that German politicians such as Finance Minister Wolfgang Schaeuble have been quick to dismiss this week. The bailout came with strict conditions on government spending and structural reforms. These measures have had a crippling effect on the Greek economy and renegotiating them has been a key part of Syriza's election campaign.

Read MoreGreek bond yields spike as Syriza scraps austerity

If Syriza had hoped for more sympathy from France—which has itself missed several deadlines to lower its budget deficit—Macron looked to bury them on Thursday.

"All the European governments are exposed to Greek debt, so we will have a negotiation, but the with the Commission, with the ECB (European Central Bank)," he told CNBC. "But for me, there is no specific waiver due to the new political situation."

Other than France, Greece may also look for backing from other southern European members of the single currency union, some of whom are struggling with their own debt burdens.

Whether this will translate into policy change on the part of the ECB or European Commission, the executive arm of the European Union, is seen as doubtful however.

"We think that these countries will find it very difficult to meet Syriza's demands of a writedown, while at the same time cancelling most of the reforms adopted during the adjustment program," said Jakob Christensen, senior economist at Exotix Fixed Income, in a research note last Friday.

Supporters of the opposition radical leftist Syriza party cheer at exit poll results which indicate that Syriza have a clear lead in Athens, Greece.
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Supporters of the opposition radical leftist Syriza party cheer at exit poll results which indicate that Syriza have a clear lead in Athens, Greece.

The role of the euro zone's governments in reviving the region's stagnant economy has come under increasing scrutiny. Bank of England governor Mark Carney on Wednesday called for euro zone members to loosen budgets in order to promote regional growth. However, as the U.K. is not a euro zone member, his influence over Germany and France will be limited.

Even if unsympathetic, France may look for a role as message bearer. On Wednesday, French Finance Minister Michel Sapin said that France wanted to facilitate talks between Tsipras and the rest of the euro zone, ekathimerini reported. The Greek newspaper said that Sapin would meet his Grecian counterpart in Paris next Monday.