In his fiercest rhetoric yet, Germany’s angry Finance Minister Wolfgang Schaeuble unloaded at a CDU event today:
- SCHAEUBLE SAYS DOESN’T KNOW WHAT TO DO WITH GREECE NOW
- SCHAEUBLE SAYS NEW GREEK GOVERNMENT HAS DESTROYED ALL THE TRUST THAT HAD BEEN REBUILT
He went on to explain that “no one I talk to sees how Greek approach can work,” which perhaps explains why Greek 3Y bond yields spiked back above 20% for the first time since the election today.
Some additional headlines:
- *SCHAEUBLE SAYS GREEK T-BILL AUCTION DESTROYED CONFIDENCE
- *NO FOREIGN INVESTOR WANTED TO BUY GREEK T-BILLS, SCHAEUBLE SAYS
- *SCHAEUBLE: NO ONE I TALK TO SEES HOW GREEK APPROACH CAN WORK
And GGB yields are exploding…
As Bloomberg reports, “Greece was able to sell those treasury bills only in Greece, with no foreign investor ready to invest,” German Finance Minister Wolfgang Schaeuble says in Berlin. “That means that all of the confidence was destroyed again.”
On Greek govt’s efforts to balance curbing austerity and fulfilling obligations for economic reforms: “None of my colleagues, or anyone in the international institutions, can tell me how this is supposed to work”
Schaeuble comments at Christian Democratic Union event in Berlin today
Charts: Bloomberg
