ECONOMY

Schaeuble rules out new haircut, but not new bailout, for Greece

German Finance Minister Wolfgang Schaeuble has again ruled out the possibility of a new haircut to make Greek debt sustainable.

“We had a debt reduction at the end of 2011/beginning of 2012, and that’s enough,» said Schaeuble in an interview with Bild newspaper. He did not rule out a third bailout for Greece.

“Greece had more problems than any other crisis countries so it needs longer until the country is back on its own feet,” he added. “Therefore, we have adopted in the current program and once more said before the election that we will see mid-2014, if we have to support Greece after the expiry of the current program at the end of 2014.”

Schaeuble said any new bailout would be “a much smaller amount” than the current package and would not include a new haircut.