German Finance Minister Wolfgang Schaeuble has defended his country’s tough stance in the negotiations over the Cypriot bailout by accusing critics of being jealous of Germany’s success.
"It always works out like that,” he told ZDF television. “This also happens in classrooms. Sometimes when you have better results, others have difficulties with this, sometimes they are even a little jealous."
Schaeuble also said that Cyprus is paying the price for having a large banking sector. «Everyone has to put his household in order,” said the German fiannce minister. “He who carries great risks also bears the losses in the end."
The Wall Street Journal revealed on Tuesday that International Monetary Fund managing director Christine Lagarde attempted to calm Schaeuble down during tense negotiations in Brussels on Sunday night as the troika and Cypriot officials attempted to reach an agreement.