Skip to main content

German finance minister: 'I don't see' any further eurozone bailouts

By Kevin Voigt, CNN
August 27, 2013 -- Updated 1943 GMT (0343 HKT)
STORY HIGHLIGHTS
  • German finance minister: 'I don't see' any further eurozone bailouts
  • Greece, Portugal, Ireland and Cyprus remain dependent on EU/IMF bailout funds
  • Comments come ahead of September 22 elections for Chancellor Angela Merkel
  • The 17-nation eurozone recently emerged from its longest ever recession

(CNN) -- German Finance Minister Wolfgang Schaeuble says the eurozone's problems are not solved, but "we are in a much better shape than we used to be some years ago." Asked whether he foresaw any further bailouts coming, he replied: "No, no I don't see."

In a rare interview, conducted in English, he said: "If Chancellor Merkel (is) reelected I am confident that we will continue to work for a stronger Europe -- that's our general position. We don't want a German Europe but we want a strong Europe and that means every member state including Germany has to increase its competitiveness," Schaeuble said.

"A stronger Europe means that everyone has to do its duty and not to ask for more money by others -- that's the wrong way to get a strong Europe, that's the wrong incentive."

German FM: Greece needs until 2022
German FM: Eurozone in a better place

His comments come ahead of the September 22 election, as Merkel faces a German electorate weary of Europe's largest economy helping to bail out troubled eurozone nations, whose debt woes have threatened the stability of the currency.

Greek unemployment hits record 27.6%

Greece, along with three other eurozone countries -- Portugal, Ireland and Cyprus -- remain dependent on rescue loans from the EU and International Monetary Fund (IMF).

The 17-nation eurozone has emerged from its longest ever recession, growing 0.3% in the second quarter after 18 months of contraction. Unemployment rates remain high, but worries that the debt crisis could spread to larger economies such as Spain and Italy -- which both saw borrowing costs climb dangerously high last year -- have abated.

"You can see if you look at the rates for sovereign debts they are stable. Markets have confidence in the stability of the eurozone as a whole. And economies are recovering in the whole of the eurozone and the average deficit has been halved in all member states of the eurozone in the last three years."

Schaeuble acknowledged that Greece will need further assistance, but said there will be no further "hair cuts" -- such as 100 billion euros in losses Greek debt holders were forced to incur last year -- for Greece or any other eurozone nation.

Schaeuble: Enthusiastic and on campaign trail

CNN's Nina dos Santos and Irene Chapple contributed this this report

ADVERTISEMENT
Part of complete coverage on
October 24, 2014 -- Updated 0242 GMT (1042 HKT)
Successful launch of lunar orbiter, seen as a precursor for a planned mission to the surface of the moon, marks significant advance for the country's space program.
October 23, 2014 -- Updated 1915 GMT (0315 HKT)
Cpl. Nathan Cirillo, shot while standing guard at Ottawa's National War Memorial, was known for his easygoing manner and smile.
October 22, 2014 -- Updated 2006 GMT (0406 HKT)
Non-stop chatter about actress' appearance is nasty, cruel, hurtful, invasive and sexist.
October 23, 2014 -- Updated 2208 GMT (0608 HKT)
CEO's 30-min Putonghua chat is the perfect charm offensive for Facebook's last untapped market.
October 24, 2014 -- Updated 0345 GMT (1145 HKT)
Chinese leaders want less odd architecture built in the country.
October 22, 2014 -- Updated 2058 GMT (0458 HKT)
Air New Zealand's new 'Hobbit' safety video stars Peter Jackson, Elijah Wood, elves and orcs.
October 23, 2014 -- Updated 1414 GMT (2214 HKT)
A 15-year-old pregnant girl is rescued from slavery, only to be charged with having sex outside of marriage, shocked rights activists say -- a charge potentially punishable by death.
October 22, 2014 -- Updated 0333 GMT (1133 HKT)
After sushi and ramen, beef is on the list of must-eats for many visitors to Japan.
October 20, 2014 -- Updated 1607 GMT (0007 HKT)
Airports judged on comfort, conveniences, cleanliness and customer service.
October 22, 2014 -- Updated 1748 GMT (0148 HKT)
Scientists use CT scans to recreate a life-size image of the ancient king.
October 22, 2014 -- Updated 0959 GMT (1759 HKT)
Despite billions spent on eradicating poppy production, Afghan farmers are growing bumper crops, a U.S. government report says.
October 24, 2014 -- Updated 1021 GMT (1821 HKT)
Each day, CNN brings you an image capturing a moment to remember, defining the present in our changing world.
Browse through images from CNN teams around the world that you don't always see on news reports.
ADVERTISEMENT