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Germany: Whether to sign the Greek saving package or not

German Prime Minister Angela Merkel attempted to persuade cabinet members to support Greece in their budget crisis.

Prime Minister Angela Merkel on the importance of the Greek saving package

Despite the angry interruptions from the opposing representatives, the German leader told Parliament: “This is about nothing less than the future of Europe and with it also the future of Germany in Europe .”

The Merkel Cabinet accepted a 22.4 billion euro (£19bn) emergency package to Greece on Monday. 8.4 billion Euros is assigned for this year and will be paid by the public bank Kreditanstalt für Wiederaufbau. The preserving Bill was presented to parliament today and will be voted on Friday.

The results may be; the Chancellor is most likely to get her Bill, but her Christian Democratic party may have to pay the price for the Greek budget saving package in regional elections on Sunday in North Rhine Westphalia. The Christian Democrats outvote in the area, but the acceptance of the package may decrease their voting potential. This would result in the shake of the Merkel’s power at national level.

Ms Merkel stated: “We are at a crossroads.There is no option for us except for the acceptance of the planned aid for Greece. We want to ensure the financial state of the Euro area. It must be signed in order to hinder a chain reaction in the European and international financial system and the risk of spreading to other Euro-member states.”

The opposing members of the Social Democrat Party have not yet declared whether they will support the aid package or not. The leader of the party, Frank-Walter Steinmeier claimed Merkel to be an unsuccessful crisis manager.

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