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Schaeuble Sees Continued Turmoil

German finance minister says financial markets will calm in 1 to 2 years.

By Mark Deen, Bloomberg | Updated on May 18, 2012

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.

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