There won’t be another Greek crisis, says Schaeuble

20 Μαΐ 2016

German Finance Minister Wolfgang Schaeuble said yesterday that there would not be another crisis over Greece, which is seeking to unlock aid from international lenders.

   “I’m optimistic that what I’ve said still stands, namely that we won’t get a new crisis in and around Greece,” he said, adding that he expected eurozone finance ministers to come to an agreement at a meeting on Tuesday.
   The Greek government tabled a Bill in Parliament on Wednesday that raises taxes, frees up the sale of banks’ non-performing loans and sets up a new privatisation fund with its foreign creditors in exchange for more bailout funds.
   Passing reforms before a meeting of eurozone finance ministers on May 22 is one demand made by international lenders to ensure their review is wrapped up. It would unlock the next tranche of funds that Athens needs to pay back International Monetary Fund loans, state arrears and ECB bonds maturing in July.
   Schaeuble also said the high level of volatility and nervousness on financial markets was greater than could be justified by economic developments. “You also know that I think the high level of debt and liquidity tends to foster volatility and, therefore, nervousness,” he said in Sendai, northern Japan, ahead of a meeting of G7 finance leaders.

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