Wolfgang Schaeuble and Currency Union

German Finance Minister: Greece parliament was expected, in the early hours of Saturday, to approve last-ditch government proposals to its eurozone creditors aimed at preventing a messy exit from the currency union, according to Nine News Australia. The vote comes as months of bitter wranglings between Greece and its creditors are reaching a climax, themselves the culmination of a years-long debt crisis that has engulfed the eurozone, including it second-largest economy France. German Finance Minister Wolfgang Schaeuble wants a Greek exit, or Grexit, from the eurozone to "clear the air, one way or the other", Varoufakis wrote in British newspaper The Guardian."My conviction is that the German finance minister wants Greece to be pushed out of the single currency to put the fear of God into the French and have them accept his model of a disciplinarian eurozone/"Schaeuble is convinced that as things stand, he needs a Grexit to clear the air, one way or another," said Varoufakis, who stepped down as finance minister on Monday after months of wranglings. France parliament on Friday adopted reforms designed to jump-start the country moribund economy, which is struggling with meagre growth and sky high unemployment, as well as a vast debt pile that has created friction with Brussels. When Greece became insolvent in 2010, instead of restructuring the debt and reforming the economy, the "toxic option" was chosen: "Extending new loans to a bankrupt entity while pretending that it remains solvent."© AFP 2015United Kingdom Email your news tips Do you have any news photos or videos Property news: Geelong land owner finds goldmine in backyard - realestate.com.au Property news: North vs South wars, Brisbane - news: The most expensive sold properties of FY15 - news: 101 Sydney woman beats reserve by half a million - realestate.com.au Varoufakis said the Germans, seen as Europe paymasters and the drivers of austerity, wanted to use Greece as an example to keep the French in line."Suddenly, a permanently unsustainable Greek public debt, without which the risk of Grexit would fade, has acquired a new usefulness for Schaeuble," he said. (news.financializer.com). As reported in the news.