Post-referendum talks with Greece would take 'a while': Schaeuble

(BERLIN) - German Finance Minister Wolfgang Schaeuble said Friday that any new debt negotiations with Athens would take time to produce results, even if Greeks vote 'Yes' in a weekend referendum.

In an interview with the mass-market Bild newspaper, Schaeuble said such talks would take place "on an entirely new basis and under more difficult economic conditions".

"It will take a while," he said.

With his comments, Schaeuble threw cold water on hopes that Greece could negotiate fresh assistance quickly after Sunday's plebescite on its EU-IMF bailout conditions.

"The proposal that the government is having people vote on is no longer on the table," he said, referring to terms laid out by Greece's international creditors.

Schaeuble said Athens would first have to formally apply to reopen negotiations on a new aid programme.

"If there is a Greek application, then the finance ministers will review it and if certain conditions are fulfilled, the Eurogroup would approve new negotiations. Before that, the Bundestag (German lower house of parliament) would have to vote," he said.

"Only then could we even start to negotiate."

Schaeuble said he expected tough negotiations.

"We are talking about a programme with a clear principle: support in exchange for real action. Greece needs reform but I already know they will be difficult talks. The situation in Greece has worsened dramatically in recent weeks."

Greek Prime Minister Alexis Tsipras has said a 'No' result in Sunday's referendum would strengthen his hand and force international creditors withholding bailout funds to drop "humiliating" austerity terms.

But European Commission chief Jean-Claude Juncker warned that Greece's negotiating position with creditors would be "dramatically weakened" in the event of a 'No'.

Even if the 'Yes' vote wins, there would still be "difficult" negotiations ahead, he added.