Thursday March 5, 2015 Search
Weather | Athens
20o C
11o 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)  
Industrial products offset agricultural exports’ losses
BoC disposing of 41 properties across Greece
RAE offers gift to natural gas power plants
Emergency intervention by BoG to acquire T-bills
Police, ministry dodge blame for migrants order
The Greek Police and the Interior Ministry on Wednesday both dodged the blame after new police guidelines on migration control were issued and then revoked within a few hours following a veh...
Speaker says laws may not stand
Parliament Speaker Zoe Constantopoulou suggested on Wednesday that some laws voted by less than 151 of 300 MPs when Golden Dawn MPs being held in pretrial custody were not allowed to cast ba...
Inside News
SOCCER
Super League restarts, but behind closed doors
Deputy Minister for Sports Stavros Kontonis announced on Wednesday the resumption of the Super League this weekend after it was suspended last week following crowd trouble at the Athens derb...
SOCCER
Marinakis fines Olympiakos players
Olympiakos president Evangelos Marinakis on Monday fined the team 500,000 euros for disappointing performances and called on them to make a «sacrifice» to win trophies or leave. "Olympiakos ...
Inside Sports
FOCUS
Greek officials have ruffled feathers in Brussels for not having good diplomatic manners
Strapped for cash and under pressure to deliver on reforms, Greece's new radical government has ruffled feathers in Brussels by not respecting the diplomatic niceties of the negotiating tabl...
COMMENTARY
Up the creek without a paddle
One of the issues that dominated the country’s pre-election debate was whether SYRIZA, which eventually won the vote, had worked out a plan B. It was clear from the start that its much-hyped...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Industrial products offset agricultural exports’ losses
2. BoC disposing of 41 properties across Greece
3. RAE offers gift to natural gas power plants
4. Emergency intervention by BoG to acquire T-bills
5. Valavani offers debt penalty write-off
6. Police, ministry dodge blame for migrants order
more news
Today
This Week
1. Up the creek without a paddle
2. Greek officials have ruffled feathers in Brussels for not having good diplomatic manners
3. Panousis says no official decision on undocumented migrants
4. More Germans booking holidays in Greece, tourism chief says
5. For Greece, a lesson from Ireland, Kenny says
6. ECB glimpse of Cyprus debt shows limits of bank cleanup
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. A fierce battle looms
3. SYRIZA feeling the pain
4. The Greek tax drama
5. The unlikely winners of Greece's surrender on euro
6. Tsipras reversal draws Greek sympathy as party rumblings rise
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.