We always knew that the problem of German finance Minister Wolfgang Schaeuble with Greece was the left-wing government SYRIZA and that his former Greek counterpart Yanis Varoufakis was the red cloth in front of the eyes of a raging bull.
Now it is confirmed. the Austerity-obsessed German minister practically ‘rescued’ Spain and Portugal and furthermore he lobbied that the two south-European countries will not get fined for failing to meet EU’s budget deficit caps.
Ahead of the meeting on Wednesday, where the EU’s 27 commissioners were supposed to decide about the fine to be imposed to Spain and Portugal, the famous Greek tragedy figure Deus Ex Machina came and averted it: Wolfgang Schauble.
“The German finance minister, curmudgeonly fiscal hawk and scourge of spendthrift southern Europeans, broke with public type in a concerted, last-minute campaign to stop the sanctions, according to people familiar with his actions,” Politico.eu notes and adds:
“Over the past weeks and days, Schäuble worked the phones and used personal encounters, pressing commissioners on the fence, mostly from his own center-right political block, to cancel the threatened fine.
The behind-the-scenes intervention was driven by political considerations particular to this moment that trumped Schäuble’s long-standing demands for the eurozone nations to keep their budgets in order and abide by commonly agreed rules.”
German magazine Der Spiegel criticized Schaeuble for his double standard approach: treating Spain and Portugal mildly, while he pushed for tough austerity measures that strangled Greece’s economy and people.
“In case of Greece, Schaeuble vehemently rejected any proposal for mild treatment.”
Sure, Schaeuble’s ideological pal Mariano Rajoy is in power and he could not break ties with him.
PS I assume, Schaeuble is Catholic and he will have to confess his sins in front of God.