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

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

EUR/USD – Euro Subdued as Markets Look for Cues

USD/JPY Rises as Bank of Japan Holds

Italian Government Seeking €20 Billion Backstop

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Former Craig

Former Craig

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.