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26.08.2013 < BACK
Merkel warns of domino effect from Greek debt relief deal
German Chancellor Angela Merkel warned Sunday that granting Greece another round of debt relief would unleash uncertainty in the eurozone and hit investment in the region.

\"I explicitly warn against a haircut,\" Merkel told the news magazine Focus.

\"It could trigger a domino effect of uncertainty which would result in private investors\' readiness to invest in the eurozone falling again to zero.\"

The Greek economy has emerged as a campaign issue in the runup to the German election on September 22. German taxpayers would be required to meet the lion\'s share of any new rescue package.

Merkel and her senior ministers have consistently ruled out debt relief for Greece.

Finance Minister Wolfgang Schaeuble rejects the idea of debt relief for Greece but has said the cash-strapped nation will need a third bailout to meet its financial commitments.

The opposition Social Democrats (SDP) stepped up its drive to push Greece to the centre stage of the election campaign.

\"Greece as a member of the European Union was certainly correct, but granting it membership of the eurozone was certainty wrong,\" SDP leader Sigmar Gabriel told the news magazine Der Spiegel.

Merkel meanwhile told Focus said that the question of further aid to Greece would not be discussed until next year.

\"We will, as has been set out, once again deal in 2014 with the question of the development of debt and structural reforms in Greece.\"

Until then, Athens had a lot to do and must continue to implement its economic reform plans, Merkel said.
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