Another debt ceiling debacle could sink the economy
Last year's Congressional debt standoff hurt consumer confidence more than the collapse of Lehman Brothers, Betsey Johnson and Justin Wolfers write. This time could be worse. Read more at Counterparties
"No need" for Greek bailout decision - German finance minister
German Interior Finance Minister Wolfgang Schaeuble speaks during a presentation of charity sport stamps at the Finance Ministry in Berlin February 10, 2010.
Credit: Reuters/Thomas Peter
BERLIN |
BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble said there was no reason for Euro zone finance ministers to make any decision on financial aid for debt-ridden Greece when they met on Monday.
"There are always rumors, especially ahead of such meetings," he told German newspaper Bild, in an interview published on its online service on Sunday.
"But there are no new factors. Therefore, there is no reason to take decisions on financial aid on Monday."
Schaeuble echoed comments made on Saturday by French Economy Minister Christine Lagarde, who said it was too premature for a decision to be made on aid.
Finance ministers from the 16 countries using the euro, the Eurogroup, meet on Monday in Brussels to discuss the Greek debt crisis and the country's progress in introducing austerity measures necessary to regain the confidence of markets.
Schaeuble, who was admitted to hospital last month for a planned operation, said he could be discharged on time to participate in the Eurogroup meeting on Monday afternoon.
A European Union source told Reuters that Eurogroup finance ministers are likely to agree on Monday on the principles and parameters of financial help to Greece, if it is required, but leave out any sums until Athens asks for them.
British newspaper The Guardian reported that aid to be made available to Greece could reach 25 billion euros. Greece's borrowing needs for the whole of 2010 total 53.2 billion ($73.2 billion) euros.
Schaeuble said the Eurogroup needed to solve the Greek crisis itself, "otherwise the United States and China will no longer take us seriously."
The finance minister, who has called for the creation of a European Monetary Fund which could offer help to euro zone states facing bankruptcy, said such a fund could not solve the problems currently facing Greece.
"We have to solve this crisis with the existing instruments and the Greek government deserves great respect for its savings efforts," he said.
Schaeuble added that the resolution of the Greek crisis would be "decisive in setting the course for the stability of the euro."
(Reporting by Sarah Marsh)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
This German minister is justing make sure everyone remembers that they have said behind closed doors that they will be against an actual bail out.
Dont need to be a genius to work this out.
So I guess Greece will just have to suffer high costs on its bond issues, that will help ruin their GDP anyway.
Good going EU – complete failure, again.
Why in the world the people with salaries of 500 euro pay the Siemens and the Deutche Telcecom’s kickbacks to greek politicians? Why should the pensioners of 210 euro(!!) pay the french and german weapons?
Another thing: The vast majority of the greek people didn’t vote for Papandreou either . He got 2,3 million votes of a 8,7 million sum of voters. Less than 30%. Even his voters voted him because he promised exactly the opposite of what he’s doing now. He even cooked the statistics once more to make the rich richer and the poor poorer. Eu Commissioners knows everything…but they keep their mouth shut.
That’s no democracy. That’s cleptocracy, oligarchy and cheating.
This and the previous government can only be part of the problem- not of the solution.
Their members should leave the country now that they can. Revolution they’re inspiring and revolution -as we know- is a pretty bloody show.
EU tyranny must come to an end. Mediterranean countries will not become Latin American bananias. North europeans stink anyway…They’re enslaving the southerns and they’re soooo boring it hurts our mind.
Brussels could be a beautiful city thanks to the arab, turk and south european immigrants that give some interest but first must get rid of the farts that the eurocrats.
Follow Reuters