The economic development of Spain is proving that the euro zone was tackling its crisis well, according to the German Finance Minister Wolfgang Schaeuble on Tuesday. "Spain is the best example that we've done a lot of things quite right in Europe," Schaeuble said at a business conference in Berlin, adding that he was optimistic about Spain's future development as long as Madrid stuck to its reform policies.
Greek is heading towards a third round of bailout package when the crisis-hit nation is about to make repayment of euro 3.2billion to the European Central Bank. The third bailout plan for ailing Greece economy is creating tremors in the European Union (EU). German's decision is crucial on Wednesday.
The battle for Europe will be won or lost in Germany. On some days recently, it has looked like it might be lost. But that is to underestimate the deep German commitment to the success of European integration based on the rule of law.
Germany's finance minister wants to correct the balance between the European Commission's political role and its regulatory powers, reflecting concern in Berlin over the EU executive's neutrality as its political clout grows.
Greece said it may impose capital controls and keep its banks shut on Monday after creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff with the European Union and the International Monetary Fund to a dangerous new level.
World shares hovered near record highs on Thursday after downbeat Chinese manufacturing data kept pressure on Beijing for more stimulus and the Federal Reserve signalled higher U.S. interest rates are still some way off.
German politicians kept up the pressure on Greece over the weekend to implement reforms, with Economy Minister Sigmar Gabriel warning Athens in an interview that a third aid package would not be on the cards unless the Greeks made some changes.
German Finance Minister Wolfgang Schaeuble and his Greek counterpart Yanis Varoufakis will meet in Brussels on Monday ahead of a Eurogroup meeting of euro zone finance ministers, a spokesman for the German finance ministry said.
A top EU official urged Athens and its creditors to make progress in their talks on a cash-for-reform deal on Monday, warning there was no "Plan B" in the event of a Greek default.
German Finance Minister Wolfgang Schaeuble hinted on Saturday that Berlin was preparing for a possible Greek default, drawing a parallel with the secrecy of German reunification plans in 1989.
German Finance Minister Wolfgang Schaeuble said on Saturday he was happy over a report that Greece was poised to sign a gas deal with Russia, though he added it would not solve the cash-strapped euro zone nation's economic problems.
Euro zone officials were shocked at Greece's failure to outline plans for structural reforms at last week's talks in Brussels, a German newspaper on Saturday cited participants as saying, adding the Greek representative behaved like a "taxi driver"
Euro zone leaders will tell Greece on Thursday that time and patience are running out for its leftist-led government to implement agreed reforms to avert a looming cash crunch that could force it out of the single currency.
With incendiary interviews, an undiplomatic demeanor, a celebrity photo shoot and an obscene finger gesture, Yanis Varoufakis is becoming part of Greece's debt problem rather than the solution, or so his euro zone partners believe.
Prime Minister Alexis Tsipras denied on Friday that Greece would need yet another international bailout, and a poll showed surging support for his government even though it had to back down to win a temporary lifeline from the euro zone.