Here’s Schäuble’s Grexit Plan Everybody Is Talking About; Full Document

schaeuble

The latest Eurogroup on Greece brought to light a document that many call “Schäuble’s Plan for Grexit.” In the document, German Finance Minister Wolfgang Schäuble offers his comments on Greece’s proposal to the country’s creditors.

German FinMin’s bitter stance towards Greece essentially gives the country two options: to agree to more austerity measures or otherwise agree on a temporarily leave from the Eurozone; a Grexit.

Here’s the full document:

Schäuble's Grexit Plan

Source: Mathieu von Rohr / Spiegel


  • Bee Vee

    Without further bailouts it looks increasingly likely that recalcitrant northern Euro member states are going to end up holding the can on this debt permanently. If Greece leaves the Eurozone and incurs the severe pain of going it alone by re-adopting the Drachma and attempting to get its economy back on track, it is highly unlikely that they would want to return. Why should they? Debt repayment in Drachmas will take an awfully lot longer, thus increasing the prospect for further write-offs and further easing the constraints to growth. In any event the Euro system has some fundamental flaws of its own and without extensive reforms that forge significant fiscal and socio-political uniformity, it is doomed as further cracks to the system especially amongst members with weaker economies will inevitably emerge.

  • ComplaintsDepartment

    Welcome to the new EU??? Come work for 3 euros a week….
    God help us….

  • Rogue

    The IMF and the ECB made the idiotic decision to take over the debt from private banks (Goldman Sachs, who charge enormous interest to cover the risk of default) and let the tax payers foot the bill.

  • GemFot

    So in order for Greece to modernize and gain growth, the country has to privatize everything and any potential income should go abroad? I don’t understand. Can someone explain the logic?

  • SergeSmArt

    If Greece leaves the Eurozone it will get directly into Kremlin Russian mouse trap .. forever :)))

  • Justin Smith

    A Grexit is as likely as Schauble holidaying in Greece!

  • JonniOZ

    What Assets of any value does Greece have abroad mate?
    And for that matter what did Argentina have?
    Bugger All compared to the debt owed.
    Also seizing the money of the Greek private sector businesses’s to pay the public debt doesn’t happen! The reason being that this is a technicality you describe. You don’t always have to import via SWIFT. I’m sure many Asian, Latin American, Eastern European countries are more than happy to let us import from them without using SWIFT.
    Being allowed to import won’t be an issue. We can always shop at a different place.
    Turkey 2001. Maybe you need to brush up on your own facts.

  • JonniOZ

    Typical Croation German sympathiser

  • Justin Smith

    “…former US judge…’ LOL… keep it coming. Although I agree that the Greek oligarchs and politicians should be thrown in jail.

  • Justin Smith

    Schauble bailed on that one! It looks like the oligarchs of the EU prefer a Grexin as opposed to a Grexit…

  • Justin Smith

    A complete debt write-off is in order. However, a default would be better as they don’t have to pay anyone back…AVD’s dribble about Argentina is a different kettle of fish. The Greeks don’t have private US creditors and the EU led by France (with staunch English support) were considering a complete debt write-off in the event Greece defaulted on its dues. But as things turned out the Greek people will receive another bailout.

  • Justin Smith

    Well said Jonno!