Germany's Schaeuble: crisis may last for 2 years

Germany's finance minister estimates that Europe's spiraling debt crisis could last up to another two years.

Wolfgang Schaeuble also says it's vital that during this weekend's summit in Washington Europe's leaders show the world they are moving more quickly to stem the crisis that is jeopardizing economic recovery around the world.

Speaking on French radio Europe 1 Friday, Schaeuble said "In 12 to 24 months we'll have a calming of financial markets."

Schaeuble also said that Europe's leaders "weren't good enough" over the past two years of unending crisis in Europe and said "It's very important during the G-8 to show that Europe can achieve common positions more quickly."

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