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Merkel blames former chancellor for Greece’s acceptance into the euro

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Merkel blames former chancellor for Greece’s acceptance into the euro

Greece should never have been allowed to join the euro, according to German Chancellor Angela Merkel. In an attempt to prove to voters she will not succumb to more bailouts from cash-strapped Eurozone countries, Merkel toughened her stance on the Hellenic republic, which is reportedly seeking a third bailout from international creditors. Merkel’s comments come less than a week after she explicitly refused to rule out another bailout package for Greece. Ahead of Germany’s September 22nd general elections, Merkel’s conservative government is struggling to remain firm on Greece. German taxpayers have lost patience for bailouts, and are no longer willing to cover for Greece’s financial woes.

Speaking to supporters in the German town of Rendsburg, Merkel acknowledged the ongoing euro crisis, and described the single currency’s founding errors. One of those errors was admitting Greece into the euro arena, blaming former chancellor Gerhard Schroder for the lapse in judgment.

Conservative Finance Minister Wolfgang Shauble was quick to shut down criticisms levied at Merkel’s comments, reminding political rivals Greece is currently in the midst of securing a third bailout. Earlier in the month Der Spiegel reported the Hellenic republic is seeking a rescue package as early as 2014. Greece’s Finance Minister Yiannis Stournaras has valued the cost of a third bailout at €10 billion. The first bailout loan for Greece was issued in 2010 and was valued at €110 billion. The second bailout loan was issued in 2011, and consisted of a €109 support package.

According to recent polls, Merkel remains the most popular leader in Germany, and is expected to win her third term as German chancellor, largely due to her management of the euro crisis. Merkel’s campaign is focused on facilitating economic growth in Germany while maintaining a firm stance over weak Eurozone members. Her recent comments are another attempt to distance her party from the centre-left political rivals that were in power during the founding of the euro in 1999.

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