Central Banks

Germany's Schauble: New Greek govt has damaged improving economy

Wolfgang Schaeuble
Ullstein Bild | Getty Images

Wolfgang Schauble, Germany's finance minister, said Wednesday Greece's new government has "damaged" the country's improving economy, Reuters reported.

He also said he does not expect a solution to the country's financial woes to be reached in the next few weeks and that the main problem with Greece's economy is not its loans, but rather its lack of economic competitiveness.

Tensions between Greece and its creditors took another turn for the worse this weekend, following a report that euro zone officials were "shocked" at Greece's failure to outline detailed structural reforms and its demands for cash at talks in Brussels last week.

Schauble made his remarks as the European Central Bank reiterated its quantitative easing measures by leaving interest rates unchanged at 0.05 percent. Schauble praised the central bank's QE program, saying it has many good reasons for being implemented.

The ECB rolled out its 1.1 trillion euro quantitative easing program last month.

The euro was last down about 0.04 percent at $1.0641 against the dollar.

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—CNBC's Holly Ellyatt contributed to this report.