Germany is to blame for the fact that Greece is still waiting for creditors to deliver on their debt relief promises, a former Greek finance minister told CNBC on Wednesday.
More than half-way through its third bailout program, Greece still doesn't have a clue about how its sovereign debt will be restructured. Debt relief measures could have been spelled out at a meeting last month, but the upcoming elections in Germany are proving to be an obstacle, according to many market watchers.
"We seem to be caught between competing demands and priorities from the IMF (International Monetary Fund) on one side and Germany on the other," George Papaconstantinou, former finance minister of Greece said.
He explained that if Germany would have agreed at a meeting last month to define debt relief for Greece this would have allowed the IMF to join the bailout and give some cash to Greece.