Euro zone market turmoil to last 1-2 yrs: Schaeuble

Urges Greeks to decide whether they wished to stay in the single currency

German Finance Minister Wolfgang Schaeuble said on Friday that market turmoil surrounding the euro zone crisis could last another 12 to 24 months and he urged Greeks to decide whether they wished to stay in the single currency.

"Regarding the crisis of confidence in the euro ... in 12 to 24 months we will see a calming of the financial markets," he told France's Europe 1 radio.

With Greece heading towards new elections in mid-June, the German minister said only the Greek people could decide whether the recession-struck country would stay in the euro.

"It's up to Greek politicians to explain the reality to their people and not make false promises," he said. "We want Greece to stay in the euro but meet its commitments and that's a decision that's up to the Greeks."

 

Schaeuble voiced hope that France would ratify a treaty on budget discipline. He said Europe was already working on a growth strategy to reduce youth unemployment - one of the demands of France's new President Francois Hollande for inclusion in a revised pact.