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German FinMin: “Euro Zone Can Do Without Greece”

Economic pressure is increasing by Greece’s lenders while Greece’s political party leaders pend between forming government and fresh elections. German Finance Minister Wolfgang Schaeuble shamelessly states that after two years of Greek crisis, “the euro zone area is enough protected and can do without Greece”, public surveys show that 73% of the Germans wish Greece exits the Euro and the President of European Parliament, German Social-Democrat, Martin Schulz rushes to Athens.

“German Finance Minister Wolfgang Schaeuble suggested the euro area could handle Greece dropping out, raising pressure on Greek political leaders struggling to form a government amid a rise in anti-bailout sentiment.

“We have learned a lot in the last two years and built in protective mechanisms,” Schaeuble told the Rheinische Post newspaper in an interview published today, when asked whether the euro area is girded for a Greek exit. His comments were confirmed by the Finance Ministry in Berlin.

 “The risks of contagion for other countries of the euro zone have been reduced and the euro zone as a whole has become more resistant,” Schaeuble said. “The notion that we wouldn’t be able to react in a short time to something unforeseen is wrong.” (Further Reading Bloomberg)

The strong anti-Greek sentiment of the coalition government of Chancellor Angela Merkel have also convinced its citizens that it is better to have Greece out of the euro area.

More than 70% of Germans want Greece out from the euro. In a public survey conducted online by Toluna und Thoering Heer & Partner among 1,000 people.

73% wish Greece exits the euro zone.

60% think that the election results in Greece and France threaten the common European currency.

70% suppoprt that Greece ends the austerity programme, exits the EZ and orderly defaults.

German Christian-Democrats rivals, the Social-Democrats try to get advantage of the situation and president of EP Martin Schulz  is due to arrive in Athens on Sunday, May 13th 2012. Schulz is apparently to arrive to Greece and table the a similar warning “No bailout, no EU aid.”

With whom will Schulz  speak when in Athens on Sunday afternoon? With the President of the Republic Karolos Papoulias. Allegedly after the political party leaders council.

PS may I ask who is responsible that Greece did not exit the eurozone two years ago?

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  1. I’m guessing this won’t be of much comfort to the Greeks reading this blog, but the crucial relationship between Greece and the rest of the Eurozone is not that the EZ would collapse without it, but rather the complete failure to keep such a small part of the European economy within. It’s the reason why I, as a pan-European, finally gave up on the EU project. If they can’t handle Greece, what about Spain*?

    *Of course, the advocates of business as usual keep repeating that that is “highly unlikely”, but the prospects of a country living the Eurozone was more or less unthinkable a couple of years ago…

    • keeptalkinggreece

      EC forecsts for recession in Spain, Italy, Portugal show “Greece is not alone”. If Schaeuble want to keep his eyes closed, he can do it and see his beloved euro collapsing forcing Germany to seek other export customers.

      • Germany has strongly increased its exports to countries outside of the EU in the last years. We don’t depend on selling goods to Greece. And who says that Spain or Portugal would follow the Greek lead? Once the people there see that an Euro exit isn’t a way to instant improvements, but just to other hardships, they will think twice about leaving.

        Btw, I don’t like Schäuble, that conservative hardliner, but by calling a spade a spade he is refreshingly different from Greek politicians.

    • It is obviously not a question about EU not being able to handle Greece.
      To me it seems like Greece does not like to be “handled”.
      In the case of the euro and austerity the Greeks are like little children. As they say in Denmark: You can’t have flour (alevri) in your mouth and blow at the same time.
      That’s what the Greeks want to do. They want a free ride with the euro without doing anything with their own miserable economy.
      So, now if you will get back your beloved dracma, you will truly see what a reduced living standard means.

      • keeptalkinggreece

        you will be surprised how many Greeks want the implementation of some of the IMF?EU measures just to get rid trim down public sector, trhim down 3,000+ salaries in state run enterprise,s just ot mention a few.

        • And some Danes are still sticking their heads in the sand.. Hide and seek… Im now down to size 32 in shoes (EU sizes!!!)

          You wouldnt find many Greeks against trimming down the public sector. Thats what they have wanted for YEARS!! (minus those working there, of course). But to cut down the salery in the private sector is just beyond stupidity. WHO are gonna pay taxes here?? 21% (even more en reality) are without work. Many are down to 500 euros a month!!!!!!!!!!!… And those in the public sector, well, for most, they are still earning 3-4 times more than people in the private sector…

          I say, to hell with the EU!!!! If people are so stupid to believe that Greeks are being helped/saved!! The deserve to have the full program themselfs!..

          No, we do not wish to flour in the mouth and blow at the same time.. BUT WE ARE FIGHTING TO SURVIVE.. And people want to be masters in their own house!!… Wouldnt Danes like the same?? As fare as I can see from the debate up there, you are getting just as tied of the whole EU circus!! Actually you should thank the Greeks, because due to all the problems here, more than 80% of the Danes say no to the euro now. Not like before, when the lazy ones said YES, due to the fact they didnt have to exchange money, when going on holiday..
          OH and also, thanks the the crisis, you can now borrow money in the danish banks for less than 3%… WOOOWWW.. NOW who can have a financial partyyyyyyyyyyyyyyyyyyy!!!!!!!!!!!……….

          • I am. in fact, Finnish.

          • Big difference.. Sorry for the mistake!

          • Well, the idea behind cutting back private sector wages is to make Greece more competitive, to increase the exports and thus to increase the tax revenue of the state. And it’s true that the average income of Greek people has increased since the Euro introduction, without this being balanced with an equal increase in productivity. So, that’s a very real problem.

            However, to simply cut the salaries probably won’t do any magic, since the incomes in the neigfhboring countries are MUCH lower. You can’t reasonably cut the wages down to the measly Bulgarian level, that would trigger a revolt of the workinng population. So, you’re right, this reform isn’t very helpful. The better way to increase competiveness would be an EU growth program that creates jobs in promising industrial sectors. This has to be started better sooner than later, but it shouldn’t give any money into the hands of Greek politicians, but finance investments directly. Sorry, but most here in the rest of the EU think that your officials, both the elected and the employed ones, can’t be trusted.

          • “Sorry, but most here in the rest of the EU think that your officials, both the elected and the employed ones, can’t be trusted”. No one here trust them either!!!

            And yes I agree. They need to create jobs, cut down the damn public sector and cut down the cost of living. Just electricity has gone up by almost 40% the last year. Food prices are constantly going up. And saleries are going down. Makes no sense what so ever! The saleries in the public sector was cut down, unfortunatly not enough. People there still earn 3-4 times more than people in the private sector. But who is paying the people in the public sectors salery? The private sector is. It is total banana republic whats going on here.

            I honestly do not care much for most who work in the public sector and you would hear me complain either if their saleries are cut further down. But many people I know here, having their own business, working in the tourist industry, are starving. These are the group of people who is on my mind. For the rest, I couldnt care less. They have been living on the backbones of the working class for so many years. They are the ones who had the financial party!!

  2. Tina, shouting won’t help you. Danmark is Danmark, Greece is Greece.You should take care of your own mess. Your politics are not aliens from Mars, they’re greeks, like you, and a lot of people in Greece work in the public sector. You all seemed very happy a few years ago, with the euro, the olympics, life was easy, lots of money from europe. Back than, no one was complaining I was in Salonika in 2003, and I was amazed how young people could afford those prices in cafes and discos. So, you all can keep shouting “to the hell with europe”, protesting in the streets, ocuppy buildings, universities, making rallies. But you have to build a nation, as well.

    • I am Danish!! So if I wanna scream at my countrymen, I will do so!!!!

      I know many Greeks who were against the olympics, because it cost so much money, money which could have been spend a lot better!! Easy life? Sure not for many I know here and have known since I was a kid!! This is the problem. You cut everyone over the same line!! There is a HUGH difference here from well paid people to the main group of people, many whom run around service your behind when you go on holiday!!!

      We should take care of our own mess. YES. But are we given the chance?????

      • “I am Danish!! So if I wanna scream at my countrymen, I will do so!!!!”
        Mit Dänen kannst du’s ja machen!!!!
        (sry, folks, that’s a German pun that can’t be translated.)

    • No one said To the Hell with Europe. It is TO THE HELL WITH EURO ZONE.

      Euro, as a currency, was the only way to trap and blackmail multiple nations with different cultures which would be inevitable in any other way.

      Does anyone, seriously, think the Brits were stupid for not joining the euro-fraud trap?

      Open up your eyes people. Greeks were sold by their politicians. Like it’s happening to Spain, Italy, Portugal, USA and so on…
      Soon in a theatre near you!

      The Germans (or whoever is using them) never lost the WW2
      Only this time, they carry no guns but coins.

      Wake up

  3. Seriously… does any of you guys and gals know that Germany has ONLY benefits to count from investing on Greece’s crisis?

    Anyone knows that the Greek politicians, silently without making it known, instead of getting money from EU with 1% interest, they got money from private banks with 7% interest?

    Anyone knows or bothered to check what happens to countries after IMF is involved? Or, in which cases IMF is involved?

    Anyone here knows that they money of the “so called EU aid” never reach the actual Greek economy but is meant to pay part of the illegal interest topping up our illegally agreed loans?
    No one here knows that each “aid” goes to the Bankers alone (except for a ridiculously small amount)?

    Anyone knows that even the BANK OF GREECE (like the fed reserve in US) is PRIVATE and not National, and refuses to publish the facts about the real situation in Greek economy? Not even to the Greek government? Anyone?

    Let me know… maybe I’m writing at the wrong Blog…

    There IS one thing one may blame Greeks for. That is their good faith in their Politicians, who prove nothing but traitors.

    • “Benefits”? After losing dozens of billions in German credits for Greece, and additional billions in bail out money? Where’s the profit in this mess?
      Even for a conspiracy theory, your points are too stupid.

      • My friend? Germany is NOT giving any money to Greece (well, they SHOULD give the money THEY OWE GREECE SINCE WW2, which repeatedly Germany refuses to pay, defying the Treaty of Versailles, 1919
        162€ billions plus the interest of 68 years (!)

        By the way… check this out (ignore the Greek intro) and think before you blindly reply.
        Think as a human being if possible and not as a German

        The only money Germany will lose is if a clear-hands Greek government sues the total of corrupted politicians who brought the country to that point as well as THE ONES WHO INVESTED ON GREECE’s BANKRUPTCY to make profits… and then, YES my friend.
        German investors who hope for Greek bankruptcy will lose money… and that’s only fair when one bets on another’s death

        The truth is, Germans (or whoever is using them) never lost the WW2
        Only this time they came back with coins instead of bullets

        • Your conspiracy theory still collides with the facts (“not giving any money”? The Germans contribute a big share to the rescue plan. “Profit” from “bankruptcy”? Do you confuse us with US hedgefunds?) and the math (German banks lost and will lose a lot of money with Greece, no profits in that). That’s lame, my not-friend.

          • OK, agreed. Lets end it here cuz you deny your own people and facts and either you don’t study the procedures followed or you choose to oppose just for fun.
            It’s ridiculous for both of us to go on with such a conversation. It suits you to claim the existence of “conspiracy theories” because it’s your country who, once more, is back to rule the world.

            You deny the role of IMF, the role of CEB, the role of Germans & French… and you fail to admit the obvious. Not you… in person but, people like you.

            Similar tactics in the beginning of last century, same in the middle of last century, same again now! Every now and then, Germany is back with a new plan…
            Another coincidence… of course…

            Do not forget though that History, keeps repeating… and soon, that little country you prefer to ignore and humiliate with false data, will give you back a similar hit and expose your people and your tactics.

            And this time… it’s not the ’40s. History is registered real-time. Internet is here.
            You may have the last word now
            See you in your next visit to Greek Islands…
            Who knows… maybe you’re lucky enough to have them under German occupation again 🙂

          • By the way… follow the links I posted. Do yourself, and your kids, a favour.