Athens is doing fine with current austerity measure and therefore it should be able to resolve some of the problems for now.

 

March 21, 2010 (Hamsayeh.Net) - German Chancellor Angela Merkel ruled out any superficial support for the troubled Greece saying the indebted nation should solve problems at its roots and avoid temporary approaches.

 

Debt ridden Greece requires some form of financial assistance in order to pay for the money borrowed from international lenders. The total amount of debt exceeds the country’s GDP and that causes panic amongst government officials of an eminent collapse of the remaining economy.

 

Yesterday, speaking at a rally in the city of Muenster, Merkel said she has not decided to support a Eurozone financial aid or an IMF bailout for Greece. ‘There has to be solidarity that tackles the problem at its roots, not solidarity that’s superficial and in the end weakens everybody,’ she said.

 

Most people in Germany are against a bailout for Greece at this time. They say Germany has its own problems at home and cannot afford to bailout others.

 

Besides, if there is a bailout for Greece there would come other bailouts which are even much bigger for Spain, Portugal and Cyprus. Merkel said Athens is doing fine with current austerity measure and therefore it should be able to resolve some of the problems for now.