German Finance Minister Wolfgang Schaeuble told members of his Christian Democrat party Saturday that it will take Greece 10 years to gain control of its debt crisis.
Furthermore, it’s not enough for Greece to cut down its debt burden. “Greece has to implement structural reforms,” he added.
He said he hopes that Greek leaders have now understood the reality, adding that each EU country has to solve its own problems. “But we have to give them some time,” he noted.
Finance Minister finally emphasized that European countries would have to work more closely together to weather the ongoing debt crisis. That might mean giving up some financial power to the European level, he said. At the same time, rules about fiscal and monetary policy must be followed.
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