German Chancellor condemns banking speculations

German Chancellor Merkel the other day made severely criticize the negative expectation the market spread on the euro, and indicated the financial institutions with the aid of public fund was just to play a part in use of Greece and other countries’ budget crisis.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Merkel said in the speech at Hamburg that, one of the ways to solve Greece crisis was to rebuild market confidence in the euro, and warned such doings that “arousing complaint and anger”, saying they were just grabbing the their own interests in exchange speculation, when calling on all euroaone members to follow the rules of the game.

“We are unable to face the public with reasonable explanation, that some debt-ridden countries have been in a tight spot caused by stimulus package, on the contrary, there are financial sectors now to make speculations from this, even though they provided help one year before.” Merkel said.

This is her second criticize made on financial institutions for five days, just at the time when said by Der Spiegel that German finance ministry would provide 20-25 billion euro fund to aid <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Greece. Whereas European Commission denied any aid plans related to it, and German ministry of finance also said decisions has not been made yet to help Greece.

Merkel indicates the euro has provided better service for regional economy during the crisis, presenting the advantage of single currency resisting the impact of financial crisis, when compare to other countries in various currencies, saying “we have to offset money speculation every few days.”