News In Brief

Merkel to Greece: Show us the cuts, before you get the bucks

Daryl Paranada Apr 26, 2010

German Chancellor Angela Merkel says her country is ready to help out debt-ridden Greece, but it “must to do its homework first.” The chancellor said she wants to make sure the Greek government meets austerity measures that will last for several years before she agrees to releasing aid.

Merkel is defending her country’s bailout of the Greek nation — despite it’s unpopularity in Germany — because she hopes the move will stabilize the euro.

From Bloomberg:

Greece is paying the price for Merkel’s bid to keep her coalition in control of Germany’s biggest state and ease voters’ anger about having to help fund a $60 billion bailout. Greek bonds plunged yesterday as Germany’s reluctance to guarantee funds stoked concern that a rescue package co-financed by the euro region and the International Monetary Fund could still fall apart.

Meanwhile, a poll by the agency Greek Public Opinion for Mega TV revealed that 60.9 percent of the 1,400 people surveyed are against the government’s decision to ask for an aid package.

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