Greece's debts are all denominated in euros, but it isn't clear who holds how much of those debts. For that reason, the consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank.
Wolfgang SchaubleIt is true that no member state can be required to make payments to others. But if countries want to offer voluntary assistance, as in the Greek case, this isn't only allowed, but it's also in Germany's interest. We all benefit by ensuring the stability of the euro zone.
Wolfgang SchaubleThe United States lived on borrowed money for too long, inflating its financial sector unnecessarily and neglecting its small and mid-sized industrial companies.
Wolfgang SchaubleGermany has always stood for an E.U. of the 27 countries. But in light of Britain's continued resistance to further integration steps, as we saw with the fiscal pact, there are limits to my optimism in this regard. It's quite possible that we will have to create the new institutions for the euro zone first.
Wolfgang SchaubleEmmanuel Macron wants a stronger Europe, just as the chancellor and I do. I was impressed that the new president climbed onto the stage in front of the Louvre to the sound of the European anthem after his election victory. That was a very powerful symbol. It is very clear: Macron is our ally.
Wolfgang Schauble