Schaeuble revisits Greek debt crisis
[AP]
Greece is no longer in the spotlight as a problem, according to Wolfgang Schaeuble, who had served as Germany’s finance minister at the height of the Greek financial crisis.
He also defended his proposal for Greece’s temporary exit from the eurozone as economically sound.
“I advised my Greek colleagues early on: You need the tool of external devaluation to make your economy competitive again. That is why you should temporarily leave the monetary union and you can come back to it later. Such advice is not popular, but it was economically correct. An internal devaluation through wages is politically unsustainable,” the former Bundestag president told the Handelsblatt paper last week.
