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German finance minister Wolfgang Schäuble sounded unusually nice at German parliamentary debate at Bundestag today.
So far this year, Mr. Schäuble has been harsh critique of Greek bailout, even going as far as suggesting that it would be better for Greece to leave the Euro zone temporarily. Even after the initial bridge deal, he kept the option open.
Mr. Schäuble said in the parliament in favor of the deal, suggesting that it would be irresponsible not to use this opportunity and Greece must have chance of a new start.
So why this U-turn?
- While critics point that it might be result of harsh rebuke from other ministers, who retaliated at mention of Grexit, pro-deal members are preferring to think that Mr. Schäuble genuinely believes in the final deal and its potential to bring back Greece from the brink.
Lets hope for the latter at sake of Euro.
German parliament has backed the deal in overwhelming majority of 454-113, while 18 abstained. All in all 585 members participated among 631.
With all the approval, Greece shouldn't have any trouble repaying European Central Bank (ECB) €3.2 billion on Thursday, July 20th.
