Bloomberg News

Schaeuble Said to Say No Need for New Bailouts in Next 3 Months

March 27, 2012

German Finance Minister Wolfgang Schaeuble. Photographer: Jock Fistick/Bloomberg

German Finance Minister Wolfgang Schaeuble. Photographer: Jock Fistick/Bloomberg

German Finance Minister Wolfgang Schaeuble told lawmakers in Berlin that he sees no scenario under which the current euro-area rescue fund, the European Financial Stability Facility, will have to issue new bailouts in the next three months, a ruling party official said.

No new rescues will have to be made between now and the establishing of the permanent fund, the European Stability Mechanism, at the beginning of July, Schaeuble told lawmakers from his Christian Democratic Union today, the CDU official told reporters on condition of anonymity because the meeting was held in private.

Schaeuble said that the EFSF bailouts will keep running alongside the ESM once it is set up, but that the rest of the EFSF pot won’t be transferred to the permanent fund, the official said.

To contact the reporter on this story: Tony Czuczka in Berlin at aczuczka@bloomberg.net

To contact the editor responsible for this story: Alan Crawford at acrawford6@bloomberg.net


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