Last Updated : 05 November 2012 at 13:40 IST
Eurozone crisis may take “five years or more” to be overcome: Merkel
"We have to hold our breath for five years or more," Merkel told the regional party congress of her Christian Democratic Union (CDU) at Sternberg in east Germany.
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FRANKFURT (Commodity Online): German Chancellor Angela Merkel has said that it may take “five years or more” before the Eurozone crisis could be overcome.
"We have to hold our breath for five years or more," Merkel told the regional party congress of her Christian Democratic Union (CDU) at Sternberg in east Germany, the DPA news agency reported and was quoted by menafn.com.
"A lot of investors do not believe that we can keep our promises in Europe," she said, adding: "We must demonstrate rigour in order to convince the world that it is profitable to invest in Europe."
She is about to meet with several European leaders well in advance of a November 24-25 EU summit. She is expected to address the European Parliament on Wednesday and on November 12 would travel to Portugal, a debt-stricken nation which has received a bailout.
Meanwhile, the Greek Parliament is about to vote on an austerity bill even as Unions there are about to embark on a nation wide general strike.
The proposed budget cuts are expected to be the last by Greek govt if words of Prime Minister Antonis Samaras is to be believed.
If the vote fails and the proposal hits the dust, chances are more that the troika of lenders would turn their back on Greece. To finance its needs, and to fill its coffers Greece would then have to exit Euro killing the currency union and its spirit by resurrecting Drachma.
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