No quick bailout coming for Greece, says Schaeuble


Germany's finance minister is dampening hopes that a quick bailout deal for Greece can be reached after Sunday's referendum.

Finance Minister Wolfgang Schaeuble was quoted as telling Germany's Bild daily on Friday that any negotiations after the Greek vote "will take a while." Greek voters are choosing Sunday whether to say yes or no to demands by creditors like Germany for more austerity.

Schaeuble said Greece would first have to apply for more aid and eurozone finance ministers would have to consider whether to open negotiations — which would have to be approved by the German Parliament. He insisted Greece would have to make efforts of its own in return for any new aid.

Schaeuble said: "These would be very difficult negotiations — because the situation in Greece has worsened dramatically in the past few weeks."