A few hours before the German Bundestag votes for the 3. bailout package for Greece, Finance Minister Wolfgang Schäuble (CDU) went to state broadcaster ZDF and campaigned in favor of the so-called “new aid package” for the debt-ridden country. He told the German public and his fellow lawmakers, that he also personally to “‘wrestle to meet such a decision”. As an old political fox, he told his audience that it is up to Greece to decide whether it stays in the eurozone or not, implying that “Grexit” was not off the table.
Schaeuble defended his decision to support the 3. bailout for Greece saying “I think it is under consideration of all aspects of the right decision.”
He expressed the view that debt relief for Greece was possible and that the repayment period of 32.5 years repayment was not the absolute limit. “But 100 years would not be very convincing,” Schaeuble stressed.
Asked if a “Grexit” was now off the table, Schaueble said the country was facing severe adjustment process and added that “Greece has to make the choice.” We should not forget that it was Wolfgang Schaeuble who offered Greece during the spring negotiations, to temporarily exit the eurozone for 5 years and get a 50-billion-euro loan to cover its needs while introducing a national currency. The loan would be linked to an austerity program, of course.
He did not completely rule out also a 4. bailout package in the future.
He expressed the view that the International Monetary Fund would join the 3. bailout for Greece, “if conditions are met.”
The German Bundestag will vote for the 3. bailout for Greece tomorrow, Wednesday.
PS If Schaeuble “sees” a fourth bailout on his crystal ball, be assured that he will do everything that Greece will also get one. Already in summer 2011, he was ‘pledging for a 3. bailout, only that back then, the amount was estimated at €50 billion and not €86 billion.
I suppose Schaeuble has calculated the next bailouts for Greece to the last euro cent in a nicely Freiburger way.
Given that 10.9 billion are from the old package – given back unused – to recapitalize banks the real sum is 75 billion but as this will also not be the complete picture one will come closer to the 50 billion as the actual recapitalization is between 10 and 25, to count money double is bizarre, it wouldn’t be a surprise if they charge interest for this also 2 or 3 times to often; it’s a similar mistake like with the 7.2 billion that were in reality only 5.3, 1.9 would’ve been profits from Greek bonds.
But here it’s getting even more ugly as this 10.9 show also that the recapitalization due to haircut wasn’t more than 50 billion but around 40.
AS AN OLD POLITICAL FOX – his financial affairs need to be investigated.
Why ?
What has Schaeuble been up to ?
The Greek political arena had no intentions to EXIT the EURO.
NEVER
EVER.
What a nice game it has been this little battle on the world’s stage for all to see.
Was it a pantomime to scare the other EU members int submission I wonder.
THOULEMA ;
I think so. ” Behave yourself, do not expect anything, or you will end like Greece with tears of blood in your eyes.”
I’m wondering what Pitagoras would say about the vicious circle of dept. Looks to me something like this: it can be broken at any point.