For Schäuble, Greece's default is possible

The possibility of a default of Athens? It is not at all remote according to Wolfang Schauble, German finance minister. "There is a real risk that Greece will experience the first uncoordinated insolvency of a state in the Eurozone," he declared (for the first time clearly) in an interview published today by the newspaper Die Welt.
According to Schäuble, Greece needs a "substantial" increase in international aid and that the rescue of Athens must include the participation of private creditors (and, therefore, of the banks). "A return of the country to the financial markets in 2012 - she specified -, as envisaged by the program now underway, now seems more than unrealistic".