Bloomberg
May 10, 2011
German Chancellor Angela Merkel refused to commit to more aid for Greece, saying it is too early to decide whether the country needs additional financial help to stamp out the debt crisis.
“First we need to hear what the status is; only then can I decide what, if anything, needs to be done,” Merkel told reporters in Berlin today. “I’m the kind of person who draws conclusions when I’ve seen the results and analyzed them. Nothing will keep me from doing that.”
A review by the International Monetary Fund and European officials of Greece’s effort to cut its debt and deficit, a condition for last year’s 110 billion-euro ($158 billion) bailout, isn’t due until June and “I won’t talk about what needs to be done” before it is completed, Merkel said.
Merkel’s refusal to tip her hand in the euro-region’s debt crisis is a rerun of her stance a year ago, when she held out for weeks before bending to fellow European leaders to back the Europe-led aid package for Greece. She hinted at that linkage during her talk with foreign reporters in Berlin today.
“What I made clear -- that wasn’t hesitation, but a demand -- that we can offer solidarity only if Greece’s stability and eagerness to reform is proven,” she said. “We can get out of this difficult situation only if we properly rebuild that foundation, not just help without Greece doing anything” in return.
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