Tuesday October 21, 2014 Search
Weather | Athens
24o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece must close 'bottomless pit,' says Schauble

Greek promises on austerity measures are no longer good enough because so many vows have been broken and the country that has been a «bottomless pit» has to dramatically change its ways, German Finance Minister Wolfgang Schaeuble said.

In a hard-hitting interview with the Welt am Sonntag newspaper, Schaeuble also said it is up to Greece whether the country can stay in the euro zone as part of its efforts to restore its competitiveness.

"The promises from Greece aren't enough for us anymore,» Schaeuble said. «With a new austerity programme they are going to first have to implement parts of the old programme and save."

Schaeuble pointed out that German opinion polls show a majority of Germans are willing to help Greece.

"But it's important to say that it cannot be a bottomless pit. That's why the Greeks have to finally close that pit. And then we can put something in there. At least people are now starting to realize it won't work with a bottomless pit."

Schaeuble said Greece would be supported «one way or another» but warned the country needed to do its homework on improving its competitiveness and hinted it might have to leave the euro zone to do that.

"Greece needs to do its own homework to become competitive -- whether that happens in conjunction with a new rescue programme or by another route that we actually don't want to take..."

When asked if that meant Greece would leave the euro zone for that, Schaeuble said:

"That is all in the hands of the Greeks themselves. But even in the event (Greece leaves the euro zone), which almost no one assumes will happen, they will still remain part of Europe."

Schaeuble said Germany, the euro zone's paymaster, wants to prevent that.

"We're happy to help but we shouldn't give others the feeling that they don't have work hard themselves. Every country is responsible for itself."

He said that the rescue efforts for Greece are turning out to be more difficult than efforts associated with German reunification in 1990.

"The reason is the realization that there is a need for change, and change dramatically, still needs to develop further with a lot of people in Greece,» said Schaeuble, who was a key government architect of German reunification.

Schaeuble said there was quite a difference between Greece and other euro zone strugglers.

"The Greeks are a special case...The Portuguese government is doing a decent job,» he said, adding that Portugal's problem is that the country needs more economic growth.

"Our goal is to help give Greece a future by making it fit and competitive so that the people there have their chances,» he said. «But the path is going to be difficult."

[Reuters]

ekathimerini.com , Sunday February 12, 2012 (11:45)  
Think-tank says political uncertainty slowing investment in Greece
Tax debts to Greek state exceed 70 billion euros
Greek 2013 budget gap revised down to 1.8 pct/GDP
Greece said to seek tailor-made plan for bailout exit
Greek farmers warn they´re warming up for protests
Greek farmers are warming up for extended protest action, representatives of their unions warned on Tuesday after meeting in Larissa, central Greece, over the weekend. Farmers, who are compl...
Accomplice of Greece´s Number 1 fugitive arrested while trying to leave country
Self-styled anarchist Polykarpos Georgiadis, linked to Greece's Number 1 fugitive, was arrested at Athens International Airport on Tuesday while trying to board a flight to Brussels, in viol...
Inside News
BASKETBALL
PAOK fans stop coach Markopoulos´s move to Olympiakos
Olympiakos is once again in the lookout for a new coach after the refusal of PAOK to release Soulis Markopoulos, while Panathinaikos defeated Kolossos on Rhodes on Monday to become the only ...
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
Inside Sports
INTERVIEW
The past, present and future of the Greek debt crisis
For a decade, until mid-2012, Josef Ackermann was the CEO at Deutsche Bank. It was a position that earned him the nickname “shadow chancellor” of Germany and allowed him to play a decisive r...
COMMENTARY
Self-opposing coalition
Even though a number of polls see the total percentage of the two ruling parties trailing that of SYRIZA, New Democracy and PASOK are still in government and the leftists in opposition. This...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek farmers warn they´re warming up for protests
2. Accomplice of Greece´s Number 1 fugitive arrested while trying to leave country
3. Think-tank says political uncertainty slowing investment in Greece
4. Trial over 2012 torture of Egyptian bakery worker in Salamina begins
5. Tax debts to Greek state exceed 70 billion euros
6. Greek 2013 budget gap revised down to 1.8 pct/GDP
more news
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Gang importing heroin into Greece busted
3. Self-opposing coalition
4. Gutsy rectors
5. Applications for heating oil subsidy set to start
6. SDOE to probe Proton Bank loan to Thessaloniki businessman
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Greece to contribute 1 mln towards Gaza reconstruction
3. Greece nearing bailout exit, says gov't spokesperson after IMF talks
4. Istanbul skyscraper casts shadow over Greece's banking ambitions
5. Coalition shooting itself in the foot
6. GPO poll gives SYRIZA clear lead over New Democracy
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.