Schauble persists with 5-year Grexit plan

German Finance Minister Wolfgang Schauble ruled out the possibility of a nominal hair-cut on the Greek debt in an interview to German state radio Deutschlandfunk, Thursday. He claimed a debt restructuring in real terms was off the table within the Euro because it would contradict regulations, while he came back with his proposal, which raised wide spread criticism, of a temporary 5-year Grexit plan. He did acknowledge that the decision by the Greek parliament to ratify the prerequisite measures Thursday morning was a step in the right direction. “We have moved a step forward. The discussions with Greece are very difficult”, he said.