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

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…

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  1. Conditions are clearly defined? So how many German tanks must Greece order this time to get the financial aid?

  2. as much as possible? Def Min has decided to ‘withdraw’ some airplanes and tanks due to age. Wait. In two years the latest Im sure the need to renew our supplies will be imminent…

  3. Didn’t our “friend” Barroso announce the common European defense to be implemented under the new Federation of European States? It will be more than just tanks… Greece and everybody else will of course need to invest in new, unified European weaponry. Mrs Krupp, Dassault, Vickers & Friends will be very, very happy with the pending orders, which much of course be honoured…