Garmany`s Finance Minister Schaeuble expects "bold action" on EFSF

Discussion in 'Wall St. News' started by ASusilovic, Oct 18, 2011.

  1. LONDON (Reuters) - German finance minister Wolfgang Schaeuble said on Monday that he expects European authorities to reach a decision on recapitalisation of the region's banks and how to maximise the firepower of the euro zone rescue fund.

    "We need for systemic banks all over Europe (Chicago Options: ^REURUSD - news) to have enough capital, I think we'll get a decision from the European authority," he said when asked what bold steps were needed to tackle the euro zone's debt crisis.

    "Secondly, we have to use the enhanced EFSF in a flexible way, in a most efficient way. I think we will get that," he said in a forum in London.

    He also highlighted the need for a sustainable solution for Greece, for some member states to announce plans for debt restructuring and for better euro zone governance.