Worst of crisis behind us: German finance minister

Last Updated: Friday, December 28, 2012 - 17:32

Berlin: German Finance Minister Wolfgang Schaeuble has said the worst of Europe's debt crisis seemed to be over, showing his optimism about the German economy in the coming year.

"I think the worst is behind us," German newspaper Bild quoted Schaeuble as saying Thursday.

In an interview with the mass-circulation newspaper, Schaeuble said that he believed countries like Greece had recognized that they could only overcome the crisis with tough reforms, reported Xinhua.

"The government in Athens knows that it cannot financially overburden other euro countries. Therefore, they will proceed with the reforms," said the 70-year-old.

Despite concerns from his country about high unemployment and sluggish economy in neighbouring France, the German minister expressed his optimism about Paris' reform efforts.

"I am sure that France meets its obligations," he said. "The government knows very well that each country must constantly carry out reforms in order to remain competitive."

Schaeuble predicted that the German economy in 2013 will grow "properly", despite difficult market environment.

"The situation is better than expected, because among other things, business with the US and Asia are tightened further," the minister said.

IANS

First Published: Friday, December 28, 2012 - 17:32

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