German Minister of Economics: “The Support Mechanism Will Stay For Three Years”

German newspaper Frankfurter Allgemeine Zeitung published an interview with the German Minister of Economics, Wolfgang Schäuble (CDU) entitled “The Support Mechanism will Expire, We Made it Very Clear”. The German Minister also talks about the lesson of the European financial crisis, about the rumors of an argument with France for the financial government and about his intentions as it comes to his stay in politics and in the Minister’s position.

“Only for the next three years”

Mr. Schäuble answers two questions about the financial crisis in Greece and the European support mechanism.

Question: We bet that your proposition will not be realized and the support mechanism for the Euro zone countries will be extended.

Schäuble: As long as Angela Merkel is the Chancellor and I am the Minister, this will never happen. The mechanisms will expire. Greece can use the loan for three years. These will apply for five years. Then, it ends.

“Decrease in deficit is not against development”

Question: The competitiveness of the Greek economy is limited. How can Greece pay its debt, when the weight will continue to increase from 110% to 150% in three years?

Schäuble: The Greeks work in order to decrease their deficit. But I still don’t change my opinion that a moderate decrease in deficit does not go against the development.

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