Merkel: ‘Incalculable’ Damage If Greek Plan Rejected
By Patrick Donahue and Tony Czuczka - Feb 27, 2012 11:09 AM ET
Bloomberg.com
German Chancellor Angela Merkel said pushing Greece out of the euro would risk “incalculable” damage, as she defied a backlash against a rescue and called for parliament to approve a second Greek bailout.
Merkel’s Christian Democratic-led bloc and its Free Democratic Party coalition partner are set to win today’s vote for the 130 billion-euro ($175 billion) package. While questions on Greece’s remaining in the euro “have their justification,” Merkel warned that a failure of the 17-member euro might endanger the Europe Union and the global economy.
“I think those risks are incalculable, and therefore indefensible,” Merkel told lawmakers in the lower house of parliament, or Bundestag, in Berlin today. As chancellor, “I should and have to take risks, but I cannot embark on adventures. My oath forbids that.”
Merkel’s coalition has a 20-seat majority in the 620-seat Bundestag and the bill is also backed by opposition Social Democratic and Greens lawmakers who together have 222 seats.
More: http://www.bloomberg.com/news/2012-02-27/merkel-rebuffs-bigger-euro-firewall-as-she-backs-financial-aid-for-greece.html
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