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Thursday, August 23, 2012

Time Is Not a Healer For Greece

Wolfgang Schaeuble, Germany's finance minister, has told SWR that time (in Greece's case anyway) is not a healer.

In his view granting Greece more time to implement spending cuts would not solve its problems, the Telegraph quotes him:
"More time is not a solution to the problems."
Why draw such a line in the sand?

Schaeuble is no fool, he knows that with Greece it is never just a matter of "time" but also money. He knows that, at some stage, Greece will come back and ask for more money.

As I have already noted it is highly likely that Greece will ask for more money, given the Euro3.5BN black hole in Greece's finances.

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