HARDLINE German minister Wolfgang Schaeuble has warned the only way Greece’s loans can be written off is through the country leaving the eurozone, as the debt crisis once again blows up.

Angela Merkel’s finance chief ruled out cutting the amount of money owed by the struggling Mediterranean state in an interview on German television.
He insisted creditors must keep the pressure on Greece to meet the strict terms of its bailout programme or kick it out of the single currency.

Markets reacted with alarm after the minister raised the prospect of a Grexit.

Germany is Greece’s biggest eurozone creditor and wants to claw back all the money it lent to stop Athens collapsing into bankruptcy amid the financial crisis.

But fellow creditor the International Monetary Fund (IMF) this week admitted Athens’ debt load is unsustainable.

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