On a visit to Athens on July 18, Wolfgang Schäuble ruled out the hypothesis of a further restructuring of Greece’s debt, notes I Kathimerini.

However, the German finance minister did not exclude the possibility of more reforms starting at the end of 2014 to reduce the country’s debt if Greece proves to be unable to cut its spending.

On the occasion of Schäuble’s visit, Greece and Germany concluded an agreement on the establishment of an investment fund for Greece with the goal of providing loans to SMEs, which is to be based on the model of Germany’s publicly owned KFW development bank. The daily welcomes the initiative, which it describes as a “relief" for the relaunch of the Greek economy.