German Finance Minister Wolfgang Schaeuble said that turmoil in the financial markets caused by Europe's debt crisis may last another two years, as Group of Eight leaders prepared to discuss Greece and its impact on the global economy.
More than 2½ years after Greece revealed its bloated budget deficit, Europe has "known a lot of crisis," Schaeuble said in a recorded interview broadcast today on France's Europe 1 radio. "It's practically normal." Even so, "in 12 to 24 months we'll see a calming of financial markets," he said.
German Chancellor Angela Merkel and fellow European leaders will again face pressure from their G-8 counterparts to do more to quell the crisis after speculation that Greece will exit the euro wiped almost $4 trillion from global equity markets this month. The U.S., which hosts the G-8 summit beginning today, still faces economic challenges from the "damaging" situation in Europe, Treasury Secretary Timothy F. Geithner said yesterday.
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