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Schaeuble concedes Greek Debt Relief, offers USA “Puerto Rico vs Greece” swap

After IMF, Greece and USA, Germany conceded on Thursday that Greece would need some debt restructuring as part of any new loan program to make its economy viable. It wans’t German Chancellor Angela Merkel, bu the himself personally German Finance Minister Wolfgang Schaeuble who admitted so.

Schaeuble, who has made no secret of his scepticism about Greece’s fitness to remain in the currency area, told a conference in Frankfurt:

“Debt sustainability is not feasible without a haircut and I think the IMF is correct in saying that.

But Schaeuble would not be Schaeuble if he had not add:

“There cannot be a haircut because it would infringe the system of the European Union.”

According to Reuters, Schaeuble “offered no solution to the conundrum, which implied that Greece’s debt problem might not be soluble within the eurozone.

But he did say there was limited scope for “reprofiling” Greek debt by extending loan maturities, shaving interest rates and lengthening a moratorium on debt service payments.”

The admission by German Finance Minister Wolfgang Schaeuble came hours before a midnight deadline for Athens to submit a reform plan meant to convince European partners to give it another loan to save it from a possible exit from the euro.

Interesting to note that the admission by German Finance Minister Wolfgang Schaeuble came also four days after his arch-enemy Yanis Varoufakis resigned as Finance Minister.

Coincidence? I don’t think so.

In a rare moment of Freiburger humor*, FinMin Schaueble offered US-Treasury Secretary Jack Lew swap burdens of Puerto Rico with those of Greece.

According to Bloomberg,

“I offered my friend Jack Lew these days that we could take Puerto Rico into the euro zone if the U.S. were willing to take Greece into the dollar union,” Schaeuble said at an event in Frankfurt Thursday. Lew, the U.S. Treasury secretary, “thought that was a joke,” Schaeuble said.”

Last month, Puerto Rico‘s governor, Alejandro García Padilla, conceded that public debts of $72 billion are “not payable”.

Nevertheless, apparently several dozens lawmakers of Merkel/Schaeuble’s party CDU are collecting signatures to block any further aid to Greece but this is not our problem, for a change 🙂

PS *dahamwiederglacht – there we have laughted again

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  1. Laurette LaLiberte

    They are true sociaaths, there is no other word for it. Here is an exceprt from a story I read earlier about what went on behind the scenes of the debt negotiations, from a Ssyriza official who was in the meetings:

    “The advisor cites threats proferred to Varoufakis by Eurogroup president Jeroen Dijsselbloem, warning he would sink Greece’s banks unless the Tsipras government bowed to the harsh deal on offer, and by German finance minister Wolfgang Schäuble, who he says demanded: “How much money do you want to leave the euro?”

    These people are criminals and need to be exposed !!!!

  2. The breakup of the eurozone is only a matter of time. This follows from the biblical analysis. What’s will be next? Let me remind here a fragment of an ancient vision: “And [the king of the north] will go back (to) his land with great wealth [1945. This detail indicated that Hitler will attack also the Soviet Union and will fight to the bitter end. In the beginning there were no signs of such the ending of this war]; and his heart (will be) against the holy covenant [hostility towards Christians]; and will act [it means activity in the international arena]; and turned back to his own land [1991-1993. The collapse of the Soviet Union and the Warsaw Pact. Russian troops returned to their country]. At the appointed time [he] will return back.” (Daniel 11:28, 29a) The return of Russia in this context means crisis, which will eclipse the Great Depression. Not only the eurozone will break up, but also the European Union and NATO. Then many countries of the former Eastern block will return to Russia’s zone of influence. Russian troops will be stationed here again. This will be the last warning before the global nuclear war. (Daniel 11:29b, 30a; Matthew 24:7; Revelation 6:4)

    In 1882 British troops occupied Egypt. Great Britain then took the role of “the king of the south”. Around the same time, Russia expanded its influence in the region, which previously belonged to Seleucus I Nicator, and took the role of “the king of the north”. (Daniel 11:27)

    All the details of this vision are being fulfilled from the time of ancient Persia, in chronological order. It is true that this vision is variously interpreted. As one can see, it has a lot of details. Therefore the insightful person is able to detect any error or sophistry. (Daniel 12:10)

  3. Giaourti Giaourtaki

    Schäuble tried to bribe Varoufakis: “How much money do you want to leave the Eurozone?”
    Schäuble also played intelligent and ugly tricks and manipulated the Euro while “negotiating” that up to 20 proposals are “no proposals”, plus “unilateral actions” blackmail
    More interns like threats of “democrat” Dieselbloom to destroy the solvent banks, the illegality of “Grexit” and measures, if taken to court the whole shit would have a break for ten years
    in 1st part of “we underestimated their power”, an Interview by Christian Salmon, on, 8th July 2015
    “We went to a war thinking we had the same weapons as them. We have underestimated their power […] It’s a power that enters the very fabric of society, the way people think. It controls and blackmails. We have very few levers. The European edifice is already Kafkaesque.”

  4. dahamwirwiedergelacht…
    alles scheisse!!!

  5. I don’t see why the signature collecting in Germany is not your concern. If it would be my country, we would certainly take action on that. The perception of people outside Greece on Greece politics and government is disastrous. And decision making starts with perception.

    • Giaourti Giaourtaki

      Eliminating the Goebbels-media would help a lot, the question would remain if Goebbels was smart like todays pulitzers and let people pay broadcast-fees for lies

      • I think sending flowers works better.

      • No one can take responsibility for Germans refusing – after 6 years – to Iook beyond their government’s viIe racist propaganda. They must Iove their mini-jobs too since Mutti toId them to. Anyway this is Mutti’s seIf-created problem, not the rest of Europe’s.

    • The Greek crisis is tearing down the Eurozone. There is a risk of saving Greece, but losing Germany (and a number of other nations sharing the German sentiments).

      • The problem is for 99% a Greek problem. When a Grexit became more likely the euro dropped a few points and then we continued working. For people outside Greece it is a crisis described in the newspaper. For Greek people the crisis affects life.

        • Germans were sold on the idea of a euro that will be as strong as their beloved Deutsche Mark thanks to robust rules that the EZ governments will follow. I think the rules could be better (e.g., 3% budget deficit during a deep recession might be too little, but during good years it is too much). Nevertheless, these were the rules that the EZ nations agreed upon.

          If the rules get ignored and the euro becomes more of a Drachma than a DM, the Germans will want to leave the euro zone themselves.

          • Giaourti Giaourtaki

            Dr. Schäuble, Dr. Feast, Prof. Sinn and all these Grexit promoters have a hidden nationalist agenda and that is their Deutsche Mark, one can find material of them against the Euro and the whole shit long before Greece was said to join.
            In fact the Euro was the result of a deal between Kohl and Mitterand, as Kohl needed his o.k. for Germany’s reunification and the “2 plus 4-treaty” that allowed to rip off Greece as the war reparations were to be paid after reunification by treaties of Paris and London 1946 and 1953; Kohl and Schäuble were even smarter to not call it reunification but “joining” because of this. And Mitterand wanted his Euro for the deal.

    Wolfgang Schauble
    BORN 18 September 1942 – 72 years of age.
    Schauble should have been made to retire a long time ago & for many reasons including that he is DOTTY.
    Is no Blushing Violet.
    Scandal has followed him around like a shadow on a sunnny day for most of his working life.