Tuesday 17 October 2017

Schaeuble rules out Greek euro exit

German Finance Minister Wolfgang Schaeuble
German Finance Minister Wolfgang Schaeuble

Rainer Buergin

GERMAN Finance Minister Wolfgang Schaeuble ruled out a Greek sovereign default as the cash-strapped country and international inspectors seek agreement on policies before this week's European Union leaders' summit in Brussels.

"It will not happen that there will be a 'Staatsbankrott' in Greece," Mr Schaeuble said.

"Greece has had to take a lot of very serious reforms" and an increasing majority of the population "does understand that being a member of the common European currency is in the best interest of Greece," he said.

Mr Schaeuble said he doesn't see "any sense to speculate on Greece leaving the euro" because it would be very damaging for both the country and the region.

A deal with the troika is needed to unlock a €31bn aid installment the Greek government needs to recapitalise its banks and pay debts. (Bloomberg)

Irish Independent

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