Interest rates on Spanish sovereign bonds have been rising to dangerous levels in recent weeks. Now, SPIEGEL has learned that the European Central Bank plans to use a new instrument to stop the trend: The bank is considering setting yield targets on the bonds of euro-zone countries. Should interest rates exceed those levels, the ECB … Continue reading
May 4 (Reuters) – German Finance Minister Wolfgang Schaeuble said on Friday that Greece would have to “bear the consequences” if its voters elected a new government in an election on Sunday that does not respect commitments made by the outgoing coalition. In a speech in the western German city of Cologne, Schaeuble said future … Continue reading
The ill will many Greeks feel toward Germany for imposing painful financial conditions on the massive loans the country made to them are just a normal response to a difficult situation, says German Finance Minister Wolfgang Schaeuble. It’s natural for people suffering from their own mistakes to blame others, Schaeuble tells Steve Kroft for a … Continue reading
Two years ago, Greece’s Prime Minister George Papandreou compared his country’s travails to “a new Odyssey.” Since then, about half a million Greeks have lost their jobs, tens of thousands of businesses have closed, the economy has shrunk by more than a tenth, Athens has witnessed several riots, and Papandreou’s government has collapsed. If Greece … Continue reading
When Wolfgang Schäuble proposed that Greece should postpone its elections as a condition for further help, I knew that the game would soon be up. We are at the point where success is no longer compatible with democracy. The German finance minister wants to prevent a “wrong” democratic choice. Similar to this is the suggestion to let the … Continue reading
Greece may now have passed the austerity measures demanded from the European Union and the International Monetary Fund, but the country’s political system is showing signs of stress. Additional pressure from Europe isn’t helping. German commentators warn that political radicalization cannot be ruled out.
‘The Troika’s Policies Have Failed’ For months, European leaders have been trying to find a way out of the Greek debt crisis. But austerity is merely driving the country deeper into economic despair. Is it time for a radical rethink? Many think the answer is yes. By SPIEGEL Staff
(Reuters) – Germany is running out of patience with throwing money into the “bottomless pit” of Greece’s debt crisis and any lingering sympathy in Berlin is being undermined by anti-German slogans on the lips of politicians and austerity protesters in Athens. While officially hailing the Greek parliament’s approval of the savings package required for a new 130 … Continue reading
The US, Canada, Britain, France, Greece, and other signatories at the London Debt Agreement of 1953 granted Chancellor Konrad Adenauer a 50pc haircut on all German debt, worth 70pc in relief with stretched maturities. There was a five-year moratorium on interest payments. The express purpose was to give Germany enough oxygen to rebuild its economy, … Continue reading
BRUSSELS (Dow Jones)–In the first real admission by top European officials that Portugal’s bailout program may need some kind of adjustment, German Finance Minister Wolfgang Schaeuble was caught on camera telling his Portuguese counterpart that would be possible once key decisions on Greece are out the way.