Schaeuble donates prize to refugees


German Finance Minister Wolfgang Schaeuble is donating award money he received for balancing the budget to Syrian refugees.

The Stiftung Marktwirtschaft foundation said Thursday that Schaeuble would give his prize of 15,000 euros ($17,055) to the German Red Cross to aid Syrian refugees in the Middle East.

While Chancellor Angela Merkel has faced massive criticism from members within her government coalition for welcoming more than 1 million refugees last year, Schaeuble has been one of her staunchest supporters. His donation of his award can be seen as a symbolic sign of support for her.

Stiftung Marktwirtschaft, which translates as Free Market Economy Foundation, said it awarded the prize to Schaeuble because he balanced Germany's budget despite the additional burden of taking in 1.1 million migrants last year.