Bloomberg News

Schaeuble Recalls May 2010 as The Crisis Moment, Standard Says

March 08, 2013

German Finance Minister Wolfgang Schaeuble said the week in May 2010 between approving the first Greek bailout and the creation of the European rescue fund is the crisis moment he recalls most vividly, according to an interview in Austria’s Der Standard.

“I never seriously doubted that the euro would remain stable and probably emerge strengthened from the crisis,” Schaeuble was quoted as saying by the newspaper. “But a moment that indeed made you pause was when we created the first temporary rescue mechanism in spring 2010, just after the decision to provide bilateral loans to Greece.”

Only two days after debating the first 110 billion-euro ($143 billion) aid program for Greece in the German parliament, euro-area leaders began to work on a program for the entire bloc with a volume of 750 billion euros as the crisis worsened, according to Schaeuble. “That moment I do remember very well,” he said.

Schaeuble said Italy was following the right policy under Prime Minister Mario Monti, and should continue along this path. “We haven’t turned the corner yet, but we’re on a good path,” Schaeuble said. While the domestic political situation is “complicated,” he said he is sure that Italians will succeed in forming a coalition.

To contact the reporter on this story: Boris Groendahl in Vienna at bgroendahl@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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