Bloomberg News

Schaeuble Says 3 Greek Payments Due Show Need for Control

November 13, 2012

German Finance Minister Wolfgang Schaeuble said that with aid payments to Greece from the last three quarters due by year-end, euro-area governments need to come up with an enhanced “control mechanism.”

“You’ll run up three tranches by the end of the year,” Schaeuble told reporters today in Brussels, when asked if all three would land in Greek coffers. “All the more important, then, that we negotiate a suitable control mechanism. And that is among the points for which we’ll be seeking a solution together over the next few days.”

Schaeuble’s comments followed a Bild newspaper report that the German government favors disbursing more than 44 billion euros ($56 billion) of aid, including unpaid tranches scheduled for the second and third quarters, in one installment.

The German finance minister didn’t specify the details of a new mechanism, saying that the issue of such a component “is a sensitive one in Greece.” He said he was confident ministers will work out the details in coming days.

“It’s important for Greece, as well as for the euro zone as a whole, that we focus on returning confidence -- and so for that reason such considerations serve to strengthen confidence,” Schaeuble told reporters.

To contact the reporter on this story: Patrick Donahue in Brussels at pdonahue1@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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