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From: heinz447/5/2011 1:30:32 AM
   of 233947
 
07/04/2011

German Finance Minister on the Euro Crisis

'We Can't Allow a Second Lehman Brothers'

SPIEGEL: Minister Schäuble, 15 years ago, a leading German politician wrote a book in which he predicted that the euro would no longer allow countries belonging to the European common currency the luxury of "relapsing into comfortable debt creation." Do you have any idea who made this prognosis?



Wolfgang Schäuble: I have an idea, but I'm sure you're going to tell me.

SPIEGEL: It was the then-floor leader of conservatives in parliament, Wolfgang Schäuble.

Schäuble: At the time, I was expressing an expectation that many held -- and current tendencies have confirmed it. In the case of Greece, we are currently seeing that the currency union doesn't allow its member states to pursue unsound financial policies for extended periods.

SPIEGEL: But, in the case of Greece, we have also seen that politicians have ignored such problems for years. This is now forcing them to break promises that they made in European Union treaties stipulating that Germany wouldn't be required to cover the debts of other member countries. Has the euro lost its credibility?

Schäuble: If we are going to have a common currency, we also have to be able to defend it -- and to do so in a way consistent with EU treaties. We've managed to do that: The euro is stable, and an
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