31 Mar '12, 9am

Greece on track to weather debt crisis: Merkel

Greece on track to weather debt crisis: Merkel

PRAGUE: Greece has a chance to weather its crisis after the eurozone and private creditors agreed to restructure its debt, but has "a long way to go," German Chancellor Angela Merkel told a Czech daily Saturday. "Greece has a chance now ... it still has a long way to go, but it has already walked a decent stretch of it," Merkel told the broadsheet Lidove Noviny daily ahead of her visit to Prague on April 3. "The Greek parliament has approved harsh measures, such as slashing the minimum wage, so that it could compete with neighbouring countries for instance in tourism," she said. "These are extremely tough political decisions which I appreciate a lot. They will bear fruit with time," added Merkel. She said she wanted Greece to stay in the eurozone as its departure "would have serious effects" including the domino effect that could cause doubts in other countries. Merkel sai...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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