Skip to main content

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

By Kevin Voigt, CNN
updated 3:43 PM EDT, Tue August 27, 2013
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
updated 11:50 AM EDT, Tue September 30, 2014
Experts believe that ISIS may be using a Spanish enclave to bring jihad to Europe.
updated 9:00 AM EDT, Tue September 30, 2014
With an efficient subway, inexpensive taxis and a good public bus system, Hong Kong is normally an easy city to navigate ...
updated 7:32 PM EDT, Sun September 28, 2014
CNN's Ivan Watson was in the middle of a pro-democracy protest in Hong Kong when things got out of hand.
updated 4:12 PM EDT, Tue September 30, 2014
The world's animal population has halved in 40 years as humans put unsustainable demands on Earth, a new report warns.
updated 8:49 AM EDT, Tue September 30, 2014
Every day, refugees and migrants risk their lives as they seek a new life. Now, a new report puts a figure to the number of victims.
updated 10:42 AM EDT, Tue September 30, 2014
Mainstream commentators must promote positive role models to Muslims feeling victimized, writes Ghaffar Hussain.
updated 2:13 AM EDT, Mon September 29, 2014
Two men familiar with inside knowledge of ISIS speak with CNN's Arwa Damon.
Explore CNN's interactive that explains ISIS' roots, what it controls, and where its support comes from.
updated 4:10 PM EDT, Thu September 25, 2014
In his first-ever interview as the Emir of Qatar, Sheikh Tamim bin Hamad Al-Thani defended his country against allegations of funding terrorism.
updated 11:03 AM EDT, Sat September 27, 2014
The North Korean leader hasn't been seen for weeks, leading to speculation that he is in poor health.
updated 9:54 PM EDT, Tue September 23, 2014
Haider al-Abadi hopes airstrikes don't lead to "of another terrorist element" instead of ISIS.
updated 9:19 AM EDT, Thu September 25, 2014
The United States couldn't do it on its first try. Neither could the Soviets.
updated 11:29 AM EDT, Wed September 24, 2014
CNN's Nima Elbagir reflects on a harrowing trip to Liberia where she covered the deadliest Ebola outbreak in history.
updated 10:23 AM EDT, Fri September 26, 2014
Contrary to public opinion, rats can actually save lives -- Apopo's rats have actually saved thousands.
updated 9:36 AM EDT, Tue September 30, 2014
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