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Euro is stable, safe currency – Germany’s finance minister

February 18, 2012, 1:41 UTC+3
At present the Greek debt stands at 160 percent of the GDP
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LONDON, February 18 (Itar-Tass) —— The European Union should see to it that Greece complies with its obligations under the forthcoming second aid program in a way that would channel the money into servicing the country’s foreign debt first and foremost, Germany’s Foreign Minister Wolfgang Shoeble said on Friday.

He offered his comments on the conditions of the 130-billion-euro aid program, to be approved by the Euro Group (the finance ministers of the euro area countries) on Monday, February 22.

At the same time Shoeble believes that “the euro is in safety.”

“The euro is a stable currency,” he said.

The German finance minister also said that the target of reducing the state debt of Greece to 120 percent of the GDP will fail to be met by 2020. He said that by that date the Greek indebtedness might reach 123 percent of the GDP. At present the Greek debt stands at 160 percent of the GDP.

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