Merkel defends Greece rescue package in parliament

19:03, May 05, 2010      

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German Chancellor Angela Merkel defended her government's Greece rescue package on Wednesday, saying it was for "the future of Europe and Germany."

"We're at a cross in the road," Merkel said in parliament. "This is about nothing less than the future of Europe and the future of Germany in Europe."

"Europe is looking at us today. Without us, against us, there won't be any decision," she said. "With us, with Germany, there can and will be a decision which lives up to the political, historical situation."

Aiding Greece is the only way to avoid a chain reaction that may affect other eurozone members and the stability of the euro, she warned.

Merkel said the EU's Stability and Growth Pact must be reformed in order to give more sanctions options, as a lesson learned from the current crisis in Greece.

The German government on Monday approved a rescue package of 22.4 billion euros (29.1 billion U.S. dollars) for the debt-laden Greece over three years as part of the 110-billion-euro (149-billion-U.S.-dollar) loan from the EU and IMF.

German Parliament will vote on this package on Friday, which is expected to meet tough opposition.

Source: Xinhua


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