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Schaeuble Says Rescue Funds ‘Buy Time’ for States, Bild Reports

Jan. 1 (Bloomberg) -- German Finance Minister Wolfgang Schaeuble said indebted euro-area countries must use aid from other member states to regain confidence in their finances, Bild-Zeitung reported, citing an interview with the minister.

“The rescue mechanisms can only buy time for the affected member states to take the necessary measures to win back confidence,” the Berlin-based newspaper cited Schaeuble as saying. “The states must use this time to consolidate their budgets, to save and implement the necessary reforms to strengthen their ability to compete.”

To contact the reporter on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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