Schaeuble Said to See Greece Staying in Euro Even If ‘No’ Vote

30 Jun 2015 | Author: | No comments yet »

Greece Can Stay in Euro Even With ‘No’ Vote, Schaeuble Tells Lawmakers.

German Finance Minister Wolfgang Schaeuble told lawmakers in Berlin that Greece would stay in the euro for the time being if Greek voters reject austerity in a referendum scheduled this week, according to three people present. Schaeuble also said the European Central Bank would do what’s needed to protect the euro if Greeks voted against the bailout terms in the July 5 referendum, according to the people, all of whom participated in the closed-door meeting on Tuesday. The authorities imposed a 90-day freeze on bank accounts to stop the collapse of the banking system, with withdrawals limited to 250 pesos ($250) a week. Argentina did the same when it raided the private pensions system, forcing pension funds to exchange their long-term deposits for an essentially unpayable sovereign bond.

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