THE TELEGRAPH: Angela Merkel, the German chancellor, has warned that the future of the Europe Union is at stake as the crisis over the Greek bailout pushed the euro to a 13-month low against the dollar.
Ms Merkel on Wednesday defended her decision to back the unpopular measure and called on fellow politicians to give their support.
"The future of Europe and the future of Germany within Europe is at stake," Ms Merkel told the parliament, which will vote on Friday on a package that would see Germany lend 22.4 billion euros (£19 billion) in taxpayers' money to Greece.
As Ms Merkel attempted to calm fears in Germany, the euro fell on Wednesday to $1.2937 - the lowest level for more than a year.
The slide was the latest sign of continued loss of investor confidence in European economies. >>> | Wednesday, May 05, 2010
THE INDEPENDENT: An international rescue plan for debt-stricken Greece must succeed or other European countries may suffer the same fate, threatening the bloc's future, German Chancellor Angela Merkel said today.
In an impassioned speech to the Bundestag lower house of parliament, Merkel said Germany was now convinced of the need to bail out Greece and confident the Greek government would carry out the swingeing cuts it had pledged to tackle its deficit.
"We're at a fork in the road," Merkel told the assembled lawmakers. "This is about nothing less than the future of Europe - and with it the future of Germany in Europe."
"There is no alternative to the aid to be agreed for Greece if we want to secure the financial stability of the euro area."
"It must come to avoid a chain reaction in the European and international financial system and the risk of contagion of other euro member states," she added.
At the weekend, officials from the European Union and International Monetary Fund (IMF) revealed details of a 110-billion euro ($147 billion), three year aid package conditional on strict austerity measures that have led to mass protests in Greece.
"Europe today is looking to Germany. Without us, or against us, there cannot or will not be a decision that is economically sustainable," she said to a Bundestag session in which she was regularly interrupted by shouts from opposition lawmakers. >>> Reuters | Wednesday, May 05, 2010
