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Has Germany had enough? Hot on the heels of Mario Draghi's 'demands' that EU leaders undertake "structural reforms" to boost competitiveness and overcome the legacy of Europe's debt crisis, German Finance Minister Wolfgang Schaeuble unleashed perhaps the most worrisome statement tonight for all the free-money-party-goers - the music is about to stop. In an interview with Bloomberg TV, Schaeuble blasted "Europe needs to find ways to foster growth," adding that "the ECB has reached the limit in helping the Euro Area." In a clear shot across the bow of his 'core' cohort, Schaeuble said he "understood" Hollande's demands but shot back that "monetary policy can only buy time."
As WSJ notes, the French are seeking aid...
Which means only one thing - it is a demand for an extension... which perhaps explains Schaeuble's extreme tone this evening (bia Bloomberg): Yet another nail in the coffin of any large scale sovereign asset purchase scheme...* * *
With pressure from the French on Draghi to do "whatever it takes" again (for real this time) it appears this is as clear a message from Zee Germans that they won't stand for anymore.
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