German FinMin Ruled Out 2. Bailout for Greece and 2. Debt Restructuring

Posted by in Economy

Three times “Nein!” German Finance Minister Wolfgang Schaeuble ruled out a third bailout to Greece, any extension to the second bailout program and a possible second debt restructuring.

German Finance Minister Wolfgang Schaeuble ruled out more financial help for Greece, saying the last bailout stretched international creditors to their limits.

Schaeuble, 70, speaking to reporters in Berlin today, said that he’s “convinced that we went to the limit of what’s economically justifiable with the second Greek program.” It was “very difficult” to put it together under existing rules and questioning it won’t instill confidence.

Schaeuble said he doesn’t want to speculate whether Greece needs another reduction of its debt because that would unsettle financial markets. “The conditions for the payment of the next tranche are clearly defined,” Schaeuble said. (Bloomberg)

Ps I would wonder if Schaeuble showed any trace of concialiation before the Troika’s report…