German Finance Minister Wolfgang Schaeuble does not mince words. Adressing the German Constitutional Court on Tuesday he painted a binary scenario. Putting pressure on the court to agree to the ESM aid package for Spain and its banking sector the Finance Minister stressed that not voting for stability is a vote for the breakup of the euro.
German citizen have so far not been pleased by the current bailout mechanism that does not tie a rescue package with the sovereign nation requesting said funds.
German Finance Minister Wolfgang Schaeuble told the country’s Constitutional Court on Tuesday that the euro zone faced a messy breakup if measures were not taken to stabilize the common currency.
“The alternative to stabilizing the common currency is a breakup with consequences that are difficult to predict,” he said at the end of a day-long court hearing on the euro zone’s bailout fund and a new fiscal pact.