Schaeuble Tells Lew He’d Gladly Swap Greece for Puerto Rico
by Rainer Buergin
July 9, 2015 — 11:40 AM EDT
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Wolfgang Schaeuble, Germany’s finance minister, speaks as he addresses a Deutsche Bundesbank conference in Frankfurt, Germany, on Thursday, July 9, 2015.
Photographer: Martin Leissl/Bloomberg
Wolfgang Schaeuble, the German finance minister who’s taking a hard line on Greece’s debt woes, says he’d gladly swap burdens with his American counterpart.
“I offered my friend Jack Lew these days that we could take Puerto Rico into the euro zone if the U.S. were willing to take Greece into the dollar union,” Schaeuble said at an event in Frankfurt Thursday. Lew, the U.S. Treasury secretary, “thought that was a joke,” Schaeuble said.
Puerto Rico, a U.S. commonwealth, is struggling with $72 billion in debt that its governor says the island can’t repay.