Hardliner Schaeuble Says Greek Economy Now Has Hope

German Finance Minister Wolfgang Schaeuble is tough on Greece

German Finance Minister Wolfgang Schaeuble, whose country strapped Greece with austerity in return for bailouts, said there’s now a better chance it will recover.

Germany is the biggest contributor – and benefactor – of 326 billion euros ($362.23 billion) in three rescue packages for cash-strapped, corruption-ridden Greece but insisted on big pay cuts, tax hikes, slashed pensions, worker firings and privatizations in return.

Prime Minister and Radical Left SYRIZA leader Alexis Tsipras vowed to reverse that but bowed to Schaeuble and German Chancellor Angela Merkel and the Quartet of the European Union-International Monetary Fund-European Central Bank-European Stability Mechanism (EU-IMF-ECB-ESM) and went even further, agreeing to more automatic spending cuts if Greece fails to meet fiscal targets, which it always has.

Schaeuble said Tsipras’ relenting would unlock the door to more delayed monies from a third bailout of 86 billion euros ($95.82 billion) although almost all the money goes right back to the lenders and banks without helping Greece’s society crushed by austerity.