Schaeuble: 15 Eurozone Finance Ministers Backed Temporary Grexit

Wolfgang SchaeubleGerman Finance Minister Wolfgang Schaeuble made certain clarifications on his stance toward Greece during an interview with French newspaper Liberation, in Brussels.

During negotiations for a third Greek bailout package in July, the German finance minister had proposed to the Greek government a temporary exit from the currency union, with a return a few years later, so that Greece’s debt could also be restructured.

He explained to Liberation that 15 out of 19 Eurozone finance ministers embraced the idea of a Grexit after believing that Greece would not implement a new bailout program. Cyprus, France and Italy were the only nations that disagreed with a Grexit.

Schaeuble claimed that the proposal for a “timeout” was aimed at helping Greece.

“Greeks are a great people, but Greece is not a state,” he said using European Commission President Jean-Claude Juncker’s phrase. The German Finance Minister claimed he had met with Greek Prime Minister Alexis Tsipras in Berlin prior to his electoral victory in January 2015 and told him that it is not possible for Greece to remain in the Eurozone without implementing necessary reforms.


  • ivas4

    it should have been done

    too bad Tsipras sold out because him and Varoufakis never had a plan and got their bluff called

    the best we can hope for now in the short term is debt relief, the only way anyone with any real money will invest in Greece. No serious investor will invest in a country with 180% debt/gdp

  • ivas4

    it should have been done

    too bad Tsipras sold out because him and Varoufakis never had a plan and got their bluff called

    the best we can hope for now in the short term is debt relief, the only way anyone with any real money will invest in Greece. No serious investor will invest in a country with 180% debt/gdp

  • Polycrates

    If true, Schauble’s and the other finance minister’s concern remains valid today. There is no question the reforms will not be implemented and/or will fall far short of the objectives. The People of Greece suffering under almost seven years of austerity measures are not willing or able to oblige the Lender’s criteria. For practical minded individuals it is “fait accompli” Greece will not meet the terms of the latest bailout-breather and a Grexit temporary or otherwise should have been the best recourse for all. By intent Tsipras, Merkel, Hollande and the others will be gone from office before the inevitable Grexit occurs.