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Eurozone Will Fall Apart if it Doesn’t Stick to Rules

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German Finance Minister Wolfgang Schaeuble, asked about Greece’s plans to pay pensioners a Christmas bonus while it is in the midst of a bailout programme, told Die Zeit paper that the euro zone would fall apart if countries did not stick to the rules.

Schaeuble, who has long taken a tough line on Greece, said the European Commission, International Monetary Fund (IMF), the European Central Bank and the European Stability Mechanism (ESM) rescue fund had been asked for their view as to whether the step conformed to its obligations.

“The initial answer is no. If we don’t stick to the rules, the euro zone will fall apart,” he told Die Zeit, adding that the construction of the currency union had to be changed.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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