European politicians should wake up to the reality that the contagion has already spread. Spain is already infected. Italy is infected as well. It took 7 years for excesses to be built up through the economy. Why would everything be solved in a year? Why do we believe that rolling out the printing press will solve all problems? All this does is extend the pain and prolong the inevitable.
German Vice Chancellor Philipp Roesler said he’s “very skeptical” that European leaders will be able to rescue Greece and the prospect of the country’s exit from the euro had “lost its terror.”
Roesler, who is Germany’s economy minister, told broadcaster ARD that Greece was unlikely to be able to meet its obligations under a euro-area bailout program as its international creditors hold talks this week in Athens. Should that be the case, the country won’t receive more bailout payments, Roesler said.
German Economy Minister Philipp Roesler said, “What’s emerging is that Greece will probably not be able to fulfil its conditions.” Photographer: Kay Nietfeld/AFP/Getty Images
“What’s emerging is that Greece will probably not be able to fulfil its conditions,” Roesler said today in an ARD summer interview. “What is clear: if Greece doesn’t fulfil those conditions, then there can be no more payments.”
To contact the reporter on this story: Brian Parkin in Berlin atbparkin@bloomberg.net
To contact the editor responsible for this story: Patrick Donahue at pdonahue1@bloomberg.net