With Greece still kicking around the idea of whether to try imposing losses on its public creditors as it did to private investors, German Finance Minister Wolfgang Schäeuble rejected the idea and said it’s not going to happen, and that Greece should stick with austerity.
In his press conference on the German budget for 2014, Schäeuble stated that the scenarios that speak of a further haircut on the Greek debt are based on a misunderstanding of the will of those who take the political decisions.
“We have already stated that there will be no other haircut like the last one,” said Schäuble referring to the 2011 decision that provided that the losses will be imposed on private debt holders who took 74 percent losses, including small bondholders and those in the Diaspora who were nearly wiped out after putting their trust in their homeland.
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