UPDATE 1-Don’t bet against euro -German finance minister

* Germany’s Schaeuble says euro currency will not fail

* Says crisis will lead Europe toward further integration

(Adds quote from Wall Street Journal interview in paras 10-11)

BERLIN, Dec 11 (BestGrowthStock) – Europe’s single currency is here
to stay and those who bet against its survival are making a
mistake, German Finance Minister Wolfgang Schaeuble said.

In an interview to appear on Sunday in Bild am Sonntag
newspaper, Schaeuble said leaders of all the countries that
share the currency agreed — the euro worked toward their common
good and a return to national money would be a mistake.

“Those who bet their money against the euro will have no
success… the euro will not fail,” Schaeuble said. “The euro
benefits us all and we will defend it successfully.”

European leaders meet next week to discuss ways to solve a
euro zone debt crisis which has triggered bailouts for Greece
and Ireland and which analysts say could engulf other countries.
They are expected to agree the terms of a permanent rescue
mechanism for the bloc.

Germany and France have pledged to better align their tax
and labour policies to foster convergence in the euro zone, but
have rejected calls for an increase in the bloc’s rescue fund
and joint sovereign bonds.

Pressure on high-deficit euro members eased slightly over
the past week after the European Central Bank bought government
bonds in a thin end-of-year market, pushing down the borrowing
costs of countries on Europe’s southern periphery.

In the newspaper interview, Schaeuble said that an exit from
the euro zone by such states on the periphery is not an option.

“If even a smaller country were to drop out, the
consequences would be incalculable. I think of the Lehman
bankruptcy when I say this: we must not make the same mistake
twice.”

Berlin has opposed calls by Spain and other countries to
move towards a full-fledged “fiscal union” in the 16-nation bloc
but appeared on Friday to have agreed to a limited form of
policy coordination.

In a separate interview appearing in the Wall Street Journal
newspaper, Schaeuble said recent events could help bring the
bloc together, though he offered little detail as to how.

“Sometimes it takes crises so that Europe moves forward,” he
said. “In this crisis, Europe will find steps toward further
unification.”
(Writing by Brian Rohan)

UPDATE 1-Don’t bet against euro -German finance minister