Don't bet against euro: German finance minister

Reuters, BERLIN | Sat Dec 11, 2010

(Reuters) - Europe's single currency is here to stay and those who bet against its survival are making a mistake, German Finance Minister Wolfgang Schaeuble said.

A sculpture showing the euro currency sign is seen
in front of the European Central Bank (ECB) headquarters
in Frankfurt, August 18, 2010. (Credit: Reuters/Alex Domanski)

In an interview to appear on Sunday in Bild am Sonntag newspaper, Schaeuble said leaders of all the countries that share the currency agreed -- the euro worked toward their common good and a return to national money would be a mistake.

"Those who bet their money against the euro will have no success... the euro will not fail," Schaeuble said. "The euro benefits us all and we will defend it successfully."

European leaders meet next week to discuss ways to solve a euro zone debt crisis which has triggered bailouts for Greece and Ireland and which analysts say could engulf other countries. They are expected to agree the terms of a permanent rescue mechanism for the bloc.

Germany and France have pledged to better align their tax and labor policies to foster convergence in the euro zone, but have rejected calls for an increase in the bloc's rescue fund and joint sovereign bonds.

Pressure on high-deficit euro members eased slightly over the past week after the European Central Bank bought government bonds in a thin end-of-year market, pushing down the borrowing costs of countries on Europe's southern periphery.

In the newspaper interview, Schaeuble said that an exit from the euro zone by such states on the periphery is not an option.

"If even a smaller country were to drop out, the consequences would be incalculable. I think of the Lehman bankruptcy when I say this: we must not make the same mistake twice."

(Writing by Brian Rohan)

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"The End of History" – Nov 20, 2010 (Kryon channeled by Lee Carroll) - (Subjects: Abraham, Isaac, Ishmael, Muhammad, Jesus, God, Jews, Arabs, EU, US, Israel, Iran, Russia, Africa, South America, Global Unity,..... etc.)

(Live Kryon Channelings was given 7 times within the United Nations building.)