Monday, July 4, 2011

We Can't Allow a Second Lehman Brothers'

German Finance Minister on the Euro Crisis

SPIEGEL: Minister Schäuble, 15 years ago, a leading German politician wrote a book in which he predicted that the euro would no longer allow countries belonging to the European common currency the luxury of "relapsing into comfortable debt creation." Do you have any idea who made this prognosis?

Wolfgang Schäuble: I have an idea, but I'm sure you're going to tell me.

SPIEGEL: It was the then-floor leader of conservatives in parliament, Wolfgang Schäuble.

Schäuble: At the time, I was expressing an expectation that many held -- and current tendencies have confirmed it. In the case of Greece, we are currently seeing that the currency union doesn't allow its member states to pursue unsound financial policies for extended periods.

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