Merkel threatens eurozone students with expulsion
Merkel laid down the law to her eurozone partners
Photo: Flickr.com/molu121
German Chancellor Angela Merkel has issued a warning to eurozone members that if they don’t play by the rules they’re out. But this tough stance hasn’t exactly had the desired effect as Greek Prime Minister George Papandreou claimed there was “zero chance” Athens would ever leave.
Speaking at the German parliament on Wednesday Mrs Merkel said that the current EU Stability and Growth Pact was not equipped to deal with the current economic climate, while her Finance Minister Wolfgang Schaeuble floated the idea of creating a European Monetary Fund to deal with future crises.
The threat of expulsion was aimed at any country that finds themselves in a similar situation to Greece, which is currently waiting on European finance ministers to agree an aid programme to help with their economic problems.
In response to the German Chancellor’s warning Greece’s prime minister said his country would not be leaving the eurozone and will go to the International Monetary Fund for backing if the EU fails to deliver.
"We are not asking for money from Germans, French, the Italians or other workers or taxpayers. What we are saying is we need strong political support in order to make these necessary reforms,” the prime minister told MEPs.
However, unlike French President Nicolas Sarkozy who has put a greater emphasis on financial aid, Merkel is against a quick fix solution to Greece’s woes. "The euro is facing the strongest challenge it has ever had to cope with [...] A quick act of solidarity is definitely not the right answer," she said during her speech.
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