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Schaeuble: Eurozone crisis over in 2012

Friday 30 December 2011 – by [email protected]

Germany’s finance minister believes the worst of the eurozone crisis will be over in 2012 with the dangers of contagion “banished”.

In an interview with business daily Handelsblatt on Friday, Wolfgang Schaeuble ruled out the possibility of the eurozone breaking up, saying “no such development can be seen at the moment”.

He said: “The talk of bazookas and the like only leads to us not tackling sustainably the causes of the crisis.”

He added: “But the more we win back confidence on the markets, the more investors … will invest in the eurozone, and not just in German bonds.

“There is no shortage of money worldwide.

“In case of doubt, a somewhat higher interest rate has to be paid for some government bonds. That is not damaging per se and also can encourage the understanding that we have to tackle the actual causes of the crisis: overly high debts and a lack of competitiveness.”

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