German industry ready to help Greece says Schaeuble

German industry stands ready to increase investment in Greece to help the country through its debt crisis, Finance Minister Wolfgang Schaueble?s office said in a statement after he met his Greek counterpart on Wednesday.

Schaeuble spent several hours with Greek Finance Minister Evangelos Venizelos at a meeting on Wednesday in Berlin. Schaeuble’s office said Venizelos had also met earlier in the day with leaders from Germany’s BDI industry association.

?It is only with a strengthened private sector and it is only with private investment will Greece reach a balanced budget in the long medium and medium term,? the German ministry said.

?As a result, a further focal point of their meeting was to discuss possible contributions from German industry. Finance Minister Venizelos had a meeting earlier toward that aim with BDI representatives. German industry said they are ready to support Greece on is path.?

The ministers also discussed the sovereign debt crisis in the eurozone and in particular Greece’s reform programs.

?Schaeuble expressedly praised the efforts to reform and cut costs in Greece,? the statement said. It added both ministers agreed they need to be quickly implemented.