Business News
German finance minister: 10 years for Greece to overcome debt woes
Nov 12, 2011, 19:45 GMT
Singen, Germany - It will take Greece 10 years to gain control of its debt crisis, German Finance Minister Wolfgang Schaeuble told a gathering of members of his Christian Democrat party Saturday.
'The Greeks need 10 years, that is my firm belief,' he said during the gathering.
Furthermore, it's not enough for Greece to cut down its debt burden. 'Greece has to implement structural reforms,' he added.
He said he hopes that Greek leaders have now understood the reality, adding that each EU country has to solve its own problems.
'But we have to give them some time,' he noted.
He noted that European countries would have to work more closely together to weather the ongoing debt crisis. That might mean giving up some financial power to the European level, he said. At the same time, rules about fiscal and monetary policy must be followed.
He also repeated his support for a financial transaction tax, an idea that has been met with some scepticism by major world economies like the United States.
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