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German Fin Min: Can't Solve Debt Crisis With A Single Summit
LONDON -(Dow Jones)- The euro zone's debt crisis isn't over and discipline needs to be maintained to stop it spreading further, according to German Finance Minister Wolfgang Schaeuble.
In a letter to party comrades in the Bundestag, seen by Dow Jones Newswires, Schaeuble warned "it would be a mistake to think that the crisis of trust in the euro area can be solved by a single summit," although he argued that last week's decisions by heads of government were "an important step towards overcoming the Greek crisis and the preservation of financial stability."
Without mentioning them by name, Schaeuble spelled out to his colleagues that the situations of Italy and Spain were different from Greece's, and warned them against casting doubt on their ability to get on top of their problems.
Schaeuble's comments ended the period of relative calm in Europe's debt markets since last week's summit. The yield spread between Italian 10-year bonds and benchmark German bunds widened 23 basis points to 310 basis points as Italian 10-year bond yields rose to 5.794%, according to Tradeweb. The 10-year Spanish-German yield spread widened 20 basis points to 339 basis points. 10-year Spanish bonds were yielding 6.079%.
LONDON -(Dow Jones)- The euro zone's debt crisis isn't over and discipline needs to be maintained to stop it spreading further, according to German Finance Minister Wolfgang Schaeuble.
In a letter to party comrades in the Bundestag, seen by Dow Jones Newswires, Schaeuble warned "it would be a mistake to think that the crisis of trust in the euro area can be solved by a single summit," although he argued that last week's decisions by heads of government were "an important step towards overcoming the Greek crisis and the preservation of financial stability."
Without mentioning them by name, Schaeuble spelled out to his colleagues that the situations of Italy and Spain were different from Greece's, and warned them against casting doubt on their ability to get on top of their problems.
Schaeuble's comments ended the period of relative calm in Europe's debt markets since last week's summit. The yield spread between Italian 10-year bonds and benchmark German bunds widened 23 basis points to 310 basis points as Italian 10-year bond yields rose to 5.794%, according to Tradeweb. The 10-year Spanish-German yield spread widened 20 basis points to 339 basis points. 10-year Spanish bonds were yielding 6.079%.