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Merkel defends the euro

The crisis hitting several European countries resulted from the debt crisis, not from the crisis of the euro, German chancellor Angela Merkel said on Television ARD on Sunday, Népszabadaság wrote.

According to Merkel, it is Greece that needs to improve its situation seriously as Italy, with its recently passed economy package will be able to stay afloat. Merkel did not rule out the possibility of Greece’s having to reschedule its debt repayment, even though she disagreed with this option.

She reiterated that private investors needed to be involved in the solution of the problem.

As for credit rating agencies, Merkel said they tend to deteriorate the situation with their ratings and expressed the need for an independent credit rating agency in the future.

Merkel told that the euro is of primary importance for Germany and repeated her former statement about the euro’s failure being Europe’s failure.