Debt crisis: merkel promises papandreou help

More pressure to save on Greece? Nothing – at least at the official press conference. At the meeting between Chancellor Angela Merkel and the Greek Prime Minister Giorgos Papandreou in the Chancellery, both sides demonstrated harmony. Merkel promised the guest from Athens all possible help in the fight out of debt. "We want a strong Greece in the euro area, and Germany is ready to offer all the assistance that is necessary here."

At the same time, it restricted: the country had to meet the requirements in order to receive a positive judgment from the expert troika from the EU Commission, European Central Bank (ECB) and IMF. This is a prerequisite for further aid loans to the heavily indebted country. Germany will follow the judgment of the Troika, Merkel made it clear and added: She is aware that the Greeks are currently "expected to do a lot".

Troika returns to Athens

It was previously known that the Troika from the EU Commission, European Central Bank (ECB) and IMF returns to Athens in the middle of the week, to assess whether the crisis-ridden country is meeting its austerity requirements. This is linked to the disbursement of international aid loans. It’s about the next tranche of eight billion euros. If this is not approved in the near future, Greece is threatened with insolvency in mid-October. Eurogroup leader Jean-Claude Juncker dampened expectations of a quick decision. Since the group’s audit report still needs time, the euro finance ministers could not decide next Monday on the payment of the next loan tranche for Greece.

Greece’s goal: to stand on "your own two feet"

Prime Minister Papandreou reaffirmed his highly indebted country’s will to save. "We will definitely keep our commitments," he said on the side of Chancellor Merkel. Greece is determined to implement all necessary measures to "overcome the current crisis" and to make Greece more competitive in the future. The country is ready to increase its chances in order to be able to stand "on its own two feet".

Papandreou at the BDI

Papandreou had already made a similar statement in the morning at a conference of the Federation of German Industries (BDI) in Berlin. He could guarantee that Greece would meet "all of its obligations," said the head of government, who was also self-critical. "We are not a poor country, we were a poorly run country."

He thanked the euro partners for their solidarity. "That gives us the time to change." He called on investors to become more involved in his country in order to prepare it for the future. Papandreou was warmly welcomed by the business representatives. BDI boss Hans-Peter Keitel called this a token of thanks and respect for Greece’s efforts to get out of the debt crisis. "You are not alone in your big tasks," said Keitel.

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