The German minister of finance, Wolfgang Schäuble, was caught by a cameraman at the euro-zone ministers’ meeting promising Portugal an adjustment to its programme after a deal with Greece is concluded—the first time an EU minister has publicly spoken of such plans.
EU Observer reported that Schäuble is telling his Portuguese counterpart, Vítor Gaspar, that after the Greek deal is done the German government will approve a loosening of the conditions attached to Portugal’s €78 billion bail-out programme.
“If at the end we need to make an adjustment to the programme, having taken large decisions about Greece . . . this is essential. But then, if necessary, an adjustment of the Portuguese programme will be prepared,” he says.
The Portuguese minister, not unexpectedly, says,
“Thank you very much.”
“No problem,” Schäuble replies.
And we thought the “independent” European Central Bank made these decisions!
And Kenny, on his own admission, didn’t even ask.