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Monday, 2 January 2012

2012 to be worse than 2011: German finance minister

BERLIN (AFP) - The new year will probably be worse than the last, but Germany, Europe's biggest economy, should be able to withstand it, German Finance Minister Wolfgang Schaeuble said in an interview on Monday.

'2012 will probably be more difficult than 2011, but the German economy is in good shape,' Mr Schaeuble told the mass-circulation daily Bild.

The minister urged euro zone countries to 'do their homework... consolidate their budgets and push through the necessary reforms' to resolve the long-running debt crisis.

The bailout mechanisms put in place by member states 'can only buy time for states to take the necessary measures and win back confidence,' Mr Schaeuble added.

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