The German Minister of Finances Wolfgang Schäuble has estimated that despite the escalation of the Greek crisis, the situation in the Eurozone has improved considerably.
In an article published in German magazine FOCUS, Mr. Schäuble noted that five years after the first bailout Greece is still in need, however the conditions in the Eurozone have improved. As such, he estimated that a possible Greek departure will not jeopardize the euro.
According to the German Minister, the important lesson of the crisis is that the single currency and Europe – as a political community – only function when everyone adheres to its rules. To this he cited the ‘success stories’ of Ireland, Spain, Portugal and Cyprus, who managed to overcome their financial problems via reforms and support from their partners.
In order to further strengthen unity and solidarity in Europe, the German Minister explained, everyone must comply with and implement the rules.
