German finance minister rules out Greek default

German Finance Minister Wolfgang Schaeuble said on Sunday he was confident there would be no sovereign debt default in Greece. "I think that a sovereign default in Greece will not happen," Schaeuble told business leaders in Singapore. He also ruled out a Greek exit from the eurozone, saying it "makes no sense" to speculate on such a scenario.
Greece is negotiating a new package of cuts and reforms with international creditors in exchange for releasing more bailout funds. It is pushing for leaner cuts and more time to implement reforms to secure a return to growth after five years of recession and rising unemployment.
Inspectors from the European Union, the International Monetary Fund and the European Central Bank are finalizing a report on Greece's progress ahead of a summit of European Union leaders on October 18.