Germany says "no" to throwing money at euro crisis
2012 06 25

By Erik Kirschbaum | Reuters

Throwing more money at the eurozone debt crisis will not solve the problem because the troubles have to be resolved at the cause, German Finance Minister Wolfgang Schaeuble said on Sunday.


German Finance Minister Wolfgang Schaeuble

Schaeuble also said in an interview with German TV network ZDF that Greece has not done enough to fulfill promises it made in exchange for bailout funds. Schaeuble also criticized the recent interventions by U.S. President Barack Obama.

"We have to fight the causes," Schaeuble said. "Anyone who believes that money alone or bailouts or any other solutions, or monetary policy at the ECB -- that will never resolve the problem. The causes have to be resolved."

Schaeuble added: "It’s not going to help to take money to it. The decisive thing is to credibly fight the causes of the crisis. It’s succeeding very well in Ireland and Portugal. It’s not succeeding very well in Greece. But it must succeed in Greece. There’s no other way to do this."

Schaeuble said Greece has clearly not done enough.

"Greece hasn’t tried enough so far, that has to be said quite clearly," Schaeuble said.

[...]

Read the full article at: reuters.com






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