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German FinMin paper says Greek MoU lacks clarity on policy

[BERLIN] Germany's Finance Ministry has criticised a memorandum of understanding (MOU) agreed between Greece and its international lenders as showing "no full clarity on the direction of policies".

In a two-page paper entitled "preliminary check of MoU" that was sent to officials in Brussels on Wednesday, the ministry describes Greek reform plans on debt sustainability and privatisations as "not yet compliant".

Earlier in the day, the MOU was welcomed by Chancellor Angela Merkel's spokesman as a "substantial result" which went in the "right direction". The economy ministry also had a positive view on the Greek reform plans, an official in the ministry said.