Greek society must decide whether to make adjustment, says Schaeuble

Greek society has to decide whether it is prepared to make the adjustment necessary to survive in a globalized economy, according to German Finance Minister Wolfgang Schaeuble.

“Today, every country has to prove that it is in a position to manage the adjustment process that is necessary to stand on its own feet in the globalized economy,” he told German newspaper Frankfurter Allgemeine Zeitung.

“Greek society has to answer the question of whether it prefers to proceed with this adjustment process as a member of the monetary union, where the tool of external devaluation is not available.”

Schaeuble insisted that the Eurogroup was unanimous in its dealings with Greece and that Germany was not the dominant voice.