“There is almost no private investor who could be scared of the news about a new rescue package to Greece,” Jörg Kraemer chief economist at Germany’s Commerzbank stated, referring to the possibility of a new bailout for Greece after 2014.
German Minister of Finance Wolfgang Schäuble said that after 2014 he expects a third bailout for Greece. Everyone in the financial markets has been prepared for this possibility,” Kraemer stated to the German newspaper Sueddeutsche Zeitung, adding that the course of the Eurozone is on the rise, the businesses are no longer thinking about the collapse of the euro and a possible new funding of Greece does not shock the exchange markets.
“The European Central Bank policy is very effective,” the German economist stated and he added characteristically, “The euro-sea is calm.”
Kraemer also estimates that the prospects for the Eurozone in total have been improved as “ fears for the collapse of the monetary union have more or less left the minds of the European businessmen.”
“Recession is over. The Eurozone will be developed, albeit modestly. But a weak recovery is better than eighteen months of continuous recession as it happened recently,” he stated and added that, “The improvement in countries in crisis is not something that they do not deserve,” as he stressed that Spain, Portugal and Ireland covered the lost ground regarding the wage bill. However, he explained that the European Central Bank can only buy time, as the “in the long-term, the Eurozone will recover only if the countries in crisis and mainly Italy do their homework.”