Monday October 20, 2014 Search
Weather | Athens
24o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Schaeuble hails Greek progress as part of euro recovery

By Rainer Buergin

Europe's back from the years of crisis in the euro area thanks to German-led prescriptions of reform, Finance Minister Wolfgang Schaeuble said.

Greece, the epicenter of the sovereign debt crisis that emerged in late 2009, is making progress on its long road to recovery "that wouldn't have been thought possible two years ago," Schaeuble told an audience on Friday in the Swiss resort of Davos. "Against all expectations," policy makers have managed to solve the crisis of confidence in the euro, he said.

"Against all end-of-the-world scenarios, we led the euro out of the crisis," Schaeuble said. "Europe is no longer the center of worries about the stability of the global economic development."

Sovereign borrowing costs in parts of Europe’s crisis- ravaged periphery dropped to a euro-area record this month after Ireland exited its international bailout program. At the same time, record unemployment continues to blight countries such as Greece and Spain as the 18-nation euro region struggles to emerge from recession.

"We still have our problems, we still have many jobs to do," said Schaeuble, 71, who was reappointed to the finance post last month in Chancellor Angela Merkel’s coalition with the Social Democrats. "Look at the yields for Ireland, Portugal, for Greece, for Spain, for Italy, how they developed in the past years. We’re no longer the main cause of worries for the financial markets."

'Manageable' danger

Politicians can only respond to the "new challenges that are posed every day and to try to keep the balance," Schaeuble said. In comparison to Germany’s economic contraction in 2009, the biggest since World War II, "any danger that might come from Greece would be manageable; but we’re doing everything to avoid that."

During Merkel’s third term, Germany won’t alter its fiscal policy, he said. He rejecting international criticism of its export-driven economy for running up excessive trade surpluses. Germany’s power, as Europe’s biggest economy, is one of the factors behind Europe’s recovery, he said.

"If we were to export less, the economic development in our partner countries would suffer a lot," he said. "That’s part of our European responsibility, that we’re an anchor of stability and an engine of growth and at the same time do what we can, together with others, to advance Europe’s integration."

WWI Commemoration

German President Joachim Gauck has referred to 2014 as a year of remembrance for Europe, with commemorations due to mark 100 years since the start of World War I, 75 years since WWII began and the 25th anniversary of the fall of the Berlin Wall.

Schaeuble, who helped negotiate reunification of East and West Germany in 1990, said that Europe must stand together if it is to compete in the 21st century of globalization. "If we want to fight for our interests in this world, assume our responsibility, we can only do this together," he said. "One day even Switzerland will participate in a bigger way and the UK will remain integrated" in the European Union.

[Bloomberg]

ekathimerini.com , Friday Jan 24, 2014 (16:10)  
German bunds rise on sata seen adding to gloom; Greek bonds gain
ECB review will clarify Greece´s needs, says Regling
Greece’s Alpha Bank said to seek 180 mln euros for Athens Hilton
Greek toy retailer Jumbo lifts Q1 sales 11 percent
Ex-party leader to see prosecutor on Tuesday over bribe allegations
Former Synaspismos leader Nikos Konstantopoulos will be questioned on Tuesday by a prosecutor investigating a newspaper report alleging that businessmen were intending to buy MPs votes for t...
PASOK objects to plans for changes to public sector wage structure
Coalition partner PASOK has reacted to leaks about the new pay structure in the civil service by saying that it has not accepted the changes. In a direct attack on Administrative Reform Mini...
Inside News
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...
SOCCER
OFI stuns Panathinaikos, Mitroglou hits twice
OFI Crete produced the upset of the week in Greek soccer beating Panathinaikos in Athens for only the second time in its history on Sunday, while PAOK stayed on top beating Atromitos at home...
Inside Sports
COMMENTARY
Stop moaning and get in the game
There are so many people who love spending their days talking about the crisis and proclaiming that they know exactly what needs to be done to solve the country’s problems. Some of them obvi...
EDITORIAL
Exorcising the ghosts
Developments last week held in store an uncomfortably realistic understanding of the risks engulfing the country. The massive sell-off in Greece’s stock and bond markets was a strong shock. ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. German bunds rise on sata seen adding to gloom; Greek bonds gain
2. ECB review will clarify Greece´s needs, says Regling
3. Ex-party leader to see prosecutor on Tuesday over bribe allegations
4. PASOK objects to plans for changes to public sector wage structure
5. SYRIZA´s Lafazanis pledges immediate action on bailout, Tsipras promises
6. Greece’s Alpha Bank said to seek 180 mln euros for Athens Hilton
more news
Today
This Week
1. Greece must stick to reforms, says Schaeuble
2. Hardouvelis does not see 'big surprises' in ECB stress tests
3. Bakers encircle Thessaloniki's White Tower with giant 'koulouri'
4. European leaders pivot back to debt crisis after wake-up call
5. Turkish vessel enters Cypriot Exclusive Economic Zone
6. Samaras to visit Cyprus on November 7, ahead of Egypt talks
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Less haste, more focus
3. Greece to contribute 1 mln towards Gaza reconstruction
4. Greece nearing bailout exit, says gov't spokesperson after IMF talks
5. Istanbul skyscraper casts shadow over Greece's banking ambitions
6. Coalition shooting itself in the foot
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.