In an article titled “A Fund for tough times”, German newspaper Handelsblatt outlines the plans by German Finance Minister Wolfgang Schauble to transform the European Stability Mechanism (ESM) into a European Monetary Fund similar to the IMF. The newspaper claims German politician, who is known for his biting humour, allegedly said during an election rally last week that the Greeks would be praising him everyday and erect a bust in his honour for pushing the necessary reforms that saved the country. The German Minister is convinced that Greece will never succeed without reforms, the article stresses. According to the Handelsblatt, Mr. Schauble intends to provide a fourth bailout package to Greece in 2018 if it is deemed necessary. The article goes on to say that Schauble has been examining the prospect of turning the ESM into a European Monetary Fund (EMF) that would provide Greece or any other EU member-state the necessary support in the form of rescue packages given the recent difference of opinions between the EU and the IMF on the Greek matter. In an interview with the Stuttgarter Zeitung the German politician detailed his plans claiming the ESM should play a more active role in crisis prevention in the Eurozone. “This would not only apply when a country was unable to meet its financial obligations, but also when a banking crisis or a natural catastrophe tests a country’s limits”, he told Stuttgarter Zeitung.
German newspaper claims Finance Minister said this during election rally