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16 Jul 2015
‘Perhaps it would be the better path for Greece’ – German FinMin Schaeuble
FXStreet (Mumbai) - Speaking to the German Deutschlandfunk radio on Thursday, German Finance Minister Wolfgang Schaeuble openly questioned Greece's future inside the euro area, repeating that a temporary exit from the currency zone would be the best option for the debt-ridden country.
Schaeuble noted, "Perhaps it would be the better path for Greece."
He stressed that the country's situation is "extraordinarily difficult" given its ultra-massive debt obligations.
On bailout, he further added, "I don’t know, nobody knows at the moment how this should be possible without a haircut. And everybody knows that a haircut is incompatible with a membership in the monetary union,"
"But we will take up negotiations (about a third bailout), we will make any effort, but we must respect the rules."
German Minister further added, "We will now see in the negotiations whether there is even a way to get to a new program taking into account (Greece's) financing needs, which have risen incredibly."
Schaeuble noted, "Perhaps it would be the better path for Greece."
He stressed that the country's situation is "extraordinarily difficult" given its ultra-massive debt obligations.
On bailout, he further added, "I don’t know, nobody knows at the moment how this should be possible without a haircut. And everybody knows that a haircut is incompatible with a membership in the monetary union,"
"But we will take up negotiations (about a third bailout), we will make any effort, but we must respect the rules."
German Minister further added, "We will now see in the negotiations whether there is even a way to get to a new program taking into account (Greece's) financing needs, which have risen incredibly."