Europe has grown through crises. Each crisis also presents opportunities, and Europe has emerged stronger from each one. That is the way history unfolds. Europe is sometimes slow, and it reacts sluggishly, but it is capable of finding solutions.
Wolfgang SchaubleGreece'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 SchaubleWe are facing a whole collection of crisis-like developments that we have to watch closely. But we also have to be careful what we point to as crisis indicators.
Wolfgang SchaubleI don't know how many resolutions from the IMF or G-20 we have already written saying that such [financial] reforms are necessary for new growth.
Wolfgang Schauble