German chancellor Merkel reiterates opposition to bailing out Greece

Germany’s Merkel opposed to Greek bailout

BERLIN — Germany’s chancellor says she is opposed to EU countries bailing out fellow eurozone member Greece.

Chancellor Angela Merkel says the best help for Greece now is to make sure the government in Athens does its homework by reducing its spending and deficit.

“We have a contract which rules out the possibility of bailing out other nations,” Merkel told German broadcaster ARD in an interview Sunday night.

However, she did not explicitly rule out state-owned banks buying bonds issued by Greece, a rescue solution some media report is in the works.

Greece is buckling under its debt and financial markets are worried it will not be able to borrow enough to repay its loans.