February 22, 2012
German Chancellor Angela Merkel indicated she will maintain pressure on Greece to meet debt- cutting pledges required for its second financial rescue, saying fiscal discipline is needed to hold the euro area together.
“If you have a single currency you naturally have to be able to trust each other,” she told members of her Christian Democratic Union party in Demmin, Germany, today. While “it is right” to bail out Greece, Portugal and Ireland, “we have to say again and again that everyone must do their homework because otherwise this Europe can’t hold together.”
Merkel’s renewed backing for European unity in the face of the debt crisis marked her first public comments since euro-area finance ministers signed off yesterday on a 130 billion-euro ($172 billion) rescue for Greece aimed at averting the first sovereign default in the currency union’s 13-year history.
More
No comments:
Post a Comment