Tragedy and Suffering – All for Nothing
From the Wall Street Journal, the latest news on how austerity is working in European policy.
Germany's Schäuble Says Will Need More Aid Greece
Finance Minister Tells Election Rally That Current Loans Aren't Enough to Stave Off Bankruptcy
BERLIN—German Finance Minister Wolfgang Schäuble said Greece will need a third bailout, in the bluntest admission by a top German official that the €246 billion ($328 billion) of international aid loans pledged so far won't be enough to save Greece from bankruptcy.
"There will have to be another program in
Greece," Mr. Schäuble told an election
rally of his Christian Democratic Union party near , news agencies reported. In the
parlance of the euro-zone debt crisis, a "program" means aid loans
conditional on economic overhauls Hamburg would have to enact. Greece