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Financial Times - United Kingdom | 10/10/2012

Merkel gambles and wins

Angela Merkel has shown courage and sent the right signals, the liberal business paper Financial Times writes: "She has also answered two opposing camps of critics at home: the Social Democrats on the left, who argue she has been too hard on the Greeks; and her coalition partners on the right who believe she has not been tough enough. It is a difficult balancing act that the German chancellor has managed with some skill in recent months as Europe's debt crisis intensified. She gambled when she backed the European Central Bank's bond-buying programme, despite opposition from Jens Weidmann, Bundesbank president and did so again in flying to Athens. As for Mr Samaras, he now has to recognise the risks that Ms Merkel has taken. Only by swiftly completing the new austerity package and implementing long overdue structural reforms will he prove to still-sceptical Germans that Greece can be a trustworthy partner in Europe's recovery."

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