Worst of eurozone debt crisis over, says German finance minister
German Finance Minister Wolfgang Schaeuble gestures during his speech at a special session of the German Parliament Bundestag in Berlin, Germany on Thursday, July 19, 2012. (AP /Gero Breloer)
The Associated Press
Published Thursday, December 27, 2012 9:39AM EST
BERLIN – Germany's finance minister says the worst of euro area's debt crisis appears to be over after three years of worries over Greece and other members of the group of 17 European Union countries that use the single currency.
Finance Minister Wolfgang Schaeuble was quoted Thursday as telling the Bild newspaper: “I think we have the worst behind us.”
Schaeuble says Greece and others have recognized that they can only overcome the crisis by implementing reforms and that the Greek government – which has received two bailouts – “knows that it cannot financially overburden the other euro states.”
Some in Germany have expressed concern about the economy of neighbouring France. But Schaeuble says the government there “knows very well that every country must constantly conduct reforms to remain competitive.”