Merkel retracts call for Greek debt czar
German Federal Chancellor Angela Merkel arrives for a European Union summit at the EU headquarters in Brussels. (Jan. 30, 2012) Credit: Getty Images
Germany's chancellor has dampened her own country's controversial call to have a powerful European debt regulator who would have direct control over Greece's spending.
She said Europe had to support Greece in implementing promised austerity and reform measures, "But all that will only work if Greece and all other states discuss this together."
Both Greece and the European Commission over the weekend rejected a proposal tabled by Germany for a new Commissioner who could force Greece to repay debts before maintaining government services.
Other European leaders said that the Commission, the EU's executive, needed the power to block bad spending decisions, but not only in Greece but also other highly indebted countries.
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