• Germany's news in English

Merkel rules out German aid for Greece

AFP · 1 Mar 2010, 09:55

Published: 01 Mar 2010 09:55 GMT+01:00

Facebook Twitter Google+ reddit

Greek bond prices rallied this week on a report that Europe's top economy was considering coming to the aid of debt-burdened Greece, as Prime Minister George Papandreou prepares to hold talks with Merkel in Berlin on Friday.

But the German chancellor denied any such plan was in the works, saying "there is absolutely no question of it."

"We have a (European) treaty under which there is no possibility of paying to bail out states in difficulty," Merkel told ARD public television.

Germany has repeatedly denied talk of a bailout for Greece, further fuelled this week by a meeting between Papandreou and the head of Deutsche Bank.

"Right now we can help Greece by stating clearly that it has to fulfil its duties," said Merkel, adding that Greece had to "show great courage" in order to resorb its deficits and restore its "lost credibility".

Greece's Socialist government has pledged to cut the deficit by four percentage points of gross domestic product to 8.7 percent this year, but there are doubts that the recession-hit country will be able to meet this goal.

Merkel warned Athens now had to "set this decision in motion", as she acknowledged that the current crisis was "certainly the most difficult period" since the euro was created in 1999.

"I hope the markets will trust in the efforts deployed by Greece," she said.

Story continues below…

The chancellor also ruled out providing support to Greece in the form of state guarantees to the banking sector, arguing that it would amount to aid.

Greece is expected this week to announce new measures to limit state spending, which could include bolder benefit cuts and a two-percent hike in sales tax according to reports. The measures are set to coincide with the arrival of the European Union's economic and monetary affairs commissioner Olli Rehn in Athens on Monday.

The head of the group of ministers that oversee the eurozone warned Sunday that Greece must step up its spending cuts and not expect other European taxpayers to pick up the bill for its past mismanagement.

Facebook Twitter Google+ reddit

Your comments about this article

11:41 March 1, 2010 by auniquecorn
Greece has a TV army?
13:52 March 1, 2010 by Edmond Schindler
I am so relieved to finally read that Merkel has made a definitive decision and says NO, nada, nix, NEIN to spending our Euros to bail out Greece! Bravo!

Best news I've read in a week!
15:59 March 1, 2010 by lordwilliams629
I understand differnt cultures have differnt styles, but these people look like girly men.
17:46 March 1, 2010 by denspring
Think twice before you speak in public blocks people...
20:10 March 1, 2010 by mixxim
You'll get no more yoghurt and the ouzo will contain anti freeze! Why were they ever given the euro?
22:49 March 1, 2010 by Eagle1
Less prancing around in white dresses, more working.
23:14 March 1, 2010 by Thames
It is not Germany's responsiblity to bail out the Greeks.

But before insulting them remember much of western civilization can be creditied to the Greeks.
23:25 March 1, 2010 by Eagle1
"[R]emember much of western civilization can be creditied to the Greeks." (Thames)

Big deal. That was 4,000 years ago. The Arabs popularized the Arabic number system we use today, but haven't done jack squat since Islam took over. My grandfather built Liberty Ships during WWII. Send me a check.
06:17 March 2, 2010 by Jim09
Im totaly with you Eagle1. All this crap talk "they did so much in the past" get over that BS. Thy suck these days and don't want to take any responsibility for what they did in THIS TIME. stop living in the past!
07:46 March 2, 2010 by design
I could care less about Germany helping or Greece soldiers who look like women as long as that EURO keeps sliding and that dollar keeps getting stronger. Help them out Spain ! lets have a euro freefall..
08:13 March 2, 2010 by solan8
You comments about soldiers looking women are rather silly to say the least. I think you just confuse the government with the people actually living there. You shouldnt pay for us, end of story. I dont actually even know anyone who would want help especially from Germany. And of course we shouldnt dig the past, we dont have any relations anyway with the ancient Greeks.
18:21 March 2, 2010 by Prufrock2010
I agree with Merkel's position, but that's not the end of it. Germany and the EU are over a barrel -- if Greece defaults, the euro's toast. So there will be some bailout of Greece forthcoming, under the guise of propping up the euro. Greece is playing the same "too big to fail" card that AIG played so successfully.
04:35 March 3, 2010 by Prufrock2010

I hate the investment bankers, currency speculators and robber barons as much as anyone, but your post reads like a Marxist screed. Characterizing the perpetrator of the fraud (Greece) as the innocent victim is priceless!

Now if you could go to your thesaurus and plug in a few more purple pejoratives your argument would be even more persuasive.
20:27 March 4, 2010 by anotherGreek
Greece should be out the EU now

Declare bankruptcy

Sell the euroID and euroCitizenship to all the immigrants for 100euro
Today's headlines
Obama to visit Berlin in last presidential trip to Germany
President Barack Obama and Chancellor Angela Merkel during a Berlin trip in 2013. Photo: DPA.

The White House announced on Tuesday that US President Barack Obama will be paying one last unexpected visit to the German capital - his last before he leaves office.

Hostility towards minorities 'widespread in Bavaria'
A village in southern Bavaria. Photo: DPA.

Hate and hostility towards groups deemed to be different are not just sentiments felt by fringe extremists, a new report on Bavaria shows.

Hated RB Leipzig emerge as shock challengers to Bayern
RB Leipzig. Photo: DPA

RB Leipzig's remarkable unbeaten start to the Bundesliga season has seen them suddenly emerge at the head of the pack chasing reigning champions and league leaders Bayern Munich.

Munich taxi driver in hospital after attack by British tourists
Photo: DPA

A taxi driver had to be hospitalized in Munich on Monday evening after three British tourists refused to pay their fare and then attacked him.

German police carry out nationwide anti-terror raids
Police outside a building in Jena during raids on Tuesday. Photo: DPA

Police forces in five German states carried out raids on Tuesday morning with the aim of tackling the financing of terror groups, police in Thuringia have reported.

The Local List
10 ways German completely messes up your English
Photo: DPA

So you've mastered German, but now it's time to learn English all over again.

Iconic German church being eroded away by human urine
Ulm Minster towering over the rest Ulm surrounding the Danube. Photo: Pixabay

It will now cost you €100 to spend a penny. That’s if you get caught choosing to pee against the world-famous Ulm Minster.

German small arms ammo exports grow ten-fold
Photo: DPA

The government has come in for criticism after new figures revealed that Germany exported ten times the quantity of small arms ammunition in the first half of 2016 as in the same period last year.

14-year-old stabs 'creepy clown' in prank gone wrong
File photo: DPA.

A 16-year-old in Berlin decided he wanted to scare some friends, but his plot backfired in a violent way.

Four Ku Klux Klan groups active in Germany, says govt
An American member of the KKK at a gathering in Georgia. Photo: EPA.

The German government estimates that there are four Ku Klux Klan (KKK) groups currently active in the country, according to a report by the Süddeutsche Zeitung (SZ) on Tuesday.

Germany's 10 most weird and wonderful landmarks
Sponsored Article
Last chance to vote absentee in the US elections
10 things you never knew about socialist East Germany
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd