February 12, 2012
Greek promises on austerity measures are no longer good enough because so many vows have been broken and the country that has been a "bottomless pit" has to dramatically change its ways, German Finance Minister Wolfgang Schaeuble said.
In a hard-hitting interview with the Welt am Sonntag newspaper, Schaeuble also said it is up to Greece whether the country can stay in the euro zone as part of its efforts to restore its competitiveness.
"The promises from Greece aren't enough for us anymore," Schaeuble said. "With a new austerity programme they are going to first have to implement parts of the old programme and save."
Schaeuble pointed out that German opinion polls show a majority of Germans are willing to help Greece.
"But it's important to say that it cannot be a bottomless pit. That's why the Greeks have to finally close that pit. And then we can put something in there. At least people are now starting to realize it won't work with a bottomless pit."
Schaeuble said Greece would be supported "one way or another" but warned the country needed to do its homework on improving its competitiveness and hinted it might have to leave the euro zone to do that.
"Greece needs to do its own homework to become competitive -- whether that happens in conjunction with a new rescue programme or by another route that we actually don't want to take..."
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