A Quote by Wolfgang Schauble

Greece's debts are all denominated in euros, but it isn't clear who holds how much of those debts. For that reason, the consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank.

Wolfgang Schauble

Quote Topics

Bank Bankruptcy Clear Consequences Debts Greece Holds How How Much Important Just Major Much National Reason Those Would Would Be

Quote Author

Wolfgang Schauble
German - Politician
Born: September 18, 1942

Greeks have to know that they are not alone ... Those who are fighting for the survivor of Greece inside the Euro area are deeply harmed by the impression floating around in the Greek public opinion that Greece is a victim. Greece is a member of the EU and the euro. I want Greece to be a constructive member of the Union because the EU is also benefiting from Greece.

Jean-Claude Juncker

Greece could default on its debts and even exit currency bloc if it cannot deliver reforms.

Lucas Papademos

Much of what Germany and France have done in the rescue of Greece has also helped German and French banks, who for a long time were major creditors for Greece and Greek banks.

Mario Monti

We won't get any growth in Greece by just imposing cuts. What I would prefer is a special economic zone for Greece.

Martin Schulz

Well what would happen is that if Greece defaulted and couldn't pay its debts, all the Greek bonds that are held in other banking systems across Western Europe would suddenly have no value. You could as a knock-on effect create a banking crisis in Western Europe.

John Major

We're in a chronic debt-deflation. There's no way we can recover unless you write down the debts. And that's what the IMF basically is implying (and it was explicit regarding Greece), but its not spelling it out, because that's not what can be said in polite company.

Michael Hudson

The debts are unaffordable. If they won't cancel the debts I would suggest obstruction; you do it yourselves.

Jeffrey Sachs

Debt vultures are really the scum at the bottom of the pond. These are guys who buy up the debts of the world's poorest countries on the secondary market. You can go buy debts of a country like Peru, for example, at a real discount. Why? Because people think that the debts won't be repaid.

Noreena Hertz

Contrary to what most people think, bank money is much more important than state money. In Greece, for example, bank money makes up 84.26% of the total money supply.

Steve Hanke

Even if you were to fall into extreme financial hardship and file for bankruptcy, you need to understand that your student loan debt will not be discharged in bankruptcy. It is the Velcro of all debts.

Suze Orman

It is time to recognise that austerity alone condemns not just Greece but the whole of Europe to the probability of a painful and protracted era of little or no economic growth. This would be a tragedy not just for Greece and for Europe, but for the world.

Charles Dallara

A United States collapse would be much different than a Greece collapse. Greece can collapse, and there's a ripple. We collapse, and the world feels it.

Rush Limbaugh

Greece will not manage to get back on its feet without restructuring its debt. There is no way around it. The country's creditors will have to reduce a portion of its debts by extending maturity dates, lowering interest rates or giving them what's called a 'haircut' in financial jargon.

Peer Steinbruck

Countries that need monies so that they can provide health care and education and shelter to their people shouldn't have to repay debts that we knowingly lent to bad regimes long since gone; and all illegitimate debts - debts lent to these terrible dictators like Saddam Hussein, like Suharto, like Marcos - must also be canceled.

Noreena Hertz

Let us run up debts. One is nobody without debts.