Great Timing Award: Wolfgang Schäuble Says “Greece Must Reform Or Leave Eurozone”
by Michael Shedlock via MishTalk.com,
ZeroHedge.com
Dec 5, 2016
On the same day Matteo Renzi suffered a crushing defeat at the hands of alleged “populists” in Italy, German finance minister Wolfgang Schäuble ruled out debt relief for Greece ahead of a eurozone finance minister meeting.
Schäuble says Greece Must Reform or Leave Eurozone.
Greece must implement economic reforms if it is to keep its place in the eurozone, Germany’s finance minister has insisted, ruling out debt relief for the country ahead of a crucial euro group meeting on Monday.
As the finance ministers of member states using the single currency prepared to discuss fiscal plans for the coming year, Wolfgang Schäuble in effect presented Greece with an ultimatum: either it must enforce unpopular structural reforms or exit the bloc.
“Athens must finally implement the needed reforms,” he told the newspaper Bild am Sonntag in an interview [in German] published on Sunday.
“If Greece wants to stay in the euro, there is no way around it – in fact completely regardless of the debt level.”
Asked if German voters should be prepared for the inevitability of debt relief in the run-up to national elections next year, Schäuble quipped: “That would not help Greece.”
Schäuble, who also asserted the Greek budget was not burdened by debt servicing because interest rates were now so low, made the comments as speculation mounted over how best to put the thrice-bailed-out nation back on the road to economic recovery.
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