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Germany's Schaeuble: EU Could Do More To Help Greece - Press
FRANKFURT (MNI) - Greece has little alternative to selling off assets, repaying its debts and shoring up its economy, since debt restructuring or an exit from monetary union could jeopardize the entire Eurozone, according to German Finance Minister Wolfgang Schaeuble.
"Monetary union obliges all members to become competitive," the minister said in an interview with the Germany business daily Handelsblatt published Thursday.
Yet Schaeuble acknowledged that Athens could need "more time" than previously thought to consolidate its budget. If the evaluation program now under way concludes that the current bailout program is insufficient, "we must find a solution," he conceded.
"Many people familiar with the situation say that if Greece became insolvent, the fallout could be more catastrophic than the collapse of Lehman Brothers," Schaeuble noted.
The minister conceded that the European Union had not yet explored all options to lend Greece further support and bolster its economy over the medium term. He suggested investment in solar energy there as one possibility.
(imarketnews.com)
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Il buon Schaeuble ...
FRANKFURT (MNI) - Greece has little alternative to selling off assets, repaying its debts and shoring up its economy, since debt restructuring or an exit from monetary union could jeopardize the entire Eurozone, according to German Finance Minister Wolfgang Schaeuble.
"Monetary union obliges all members to become competitive," the minister said in an interview with the Germany business daily Handelsblatt published Thursday.
Yet Schaeuble acknowledged that Athens could need "more time" than previously thought to consolidate its budget. If the evaluation program now under way concludes that the current bailout program is insufficient, "we must find a solution," he conceded.
"Many people familiar with the situation say that if Greece became insolvent, the fallout could be more catastrophic than the collapse of Lehman Brothers," Schaeuble noted.
The minister conceded that the European Union had not yet explored all options to lend Greece further support and bolster its economy over the medium term. He suggested investment in solar energy there as one possibility.
(imarketnews.com)
***
Il buon Schaeuble ...