German FinMin confident of the country's propect in 2012

Germany could withstand further economic turmoil in the new year despite gloomy forecast of the eurozone, German Finance Minister Wolfgang Schaeuble said on Monday, showing full confidence of the country's prospect. Addressing the spiraling eurozone debt crisis which had knocked down several European countries and cast deep doubt over the future of the single currency, Schaeuble warned that the new year of 2012 might be worse than the last. "2012 will probably be more difficult than 2011, but the German economy is in good shape," Schaeuble said in an interview with the Bildzeitung newspaper. The Finance Minister also urged eurozone partners to "do their homework, as to consolidate their budgets and push through the necessary reforms", saying that the bailout program "can only buy time for states to take the necessary measures and win back confidence."