02/09/2011
The German Chancellor has sent a tough message out to eurozone countries struggling with their finances: if you want to be assured of assistance from the rest of the member states you must take tough action on your debts first.
Angela Merkel was speaking on a rally ahead of Sunday's elections and told supporters that eurozone countries who take a responsible attitude will not keep supporting countries who fail to get a grip on their debts.
The comments come at a time when voters in many European countries are expressing concern about the amount of money being poured into other regions such as Greece, putting their own economies under extreme duress.
Italy is one of the latest countries beginning to be swallowed up by their debts and has put in place austerity measures in order to reduce their deficit by 2013, after being asked to come up with a revised plan by fellow eurozone countries. However, after a tax on high earners was passed by the Italian cabinet, it has been revealed that this measure has been revoked, with the government now planning on getting the same amount of revenue by clamping down on unpaid taxes.
Speaking on the campaign trail, Merkel told party supporters that Germany would only be willing to support countries which showed that they were committed to putting measures in place to eradicate their debts and those that don't do so 'will not get our support.'
Germany is one of the countries that has not yet ratified the debt agreement hammered out in July which would see Greece receive a second bailout and also up the powers of the rescue fund. Several other eurozone members are yet to also provide the necessary rubber-stamp and Jean-Claude Trichet, the European Central Bank President, has urged countries to finalise the debt deal as soon as possible.
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