In a move designed to deflect some of the blame of the Eurocrisis from herself German Chancellor Angela Merkel has pinned the blame the Eurozone’s troubles onto her predecessor Gerhard Schroeder going as far to blame him for allowing Greece to adopt the single currency.
The comments come as her political opponent Peer Steinbrueck ramps up his criticism of Merkel’s handling of the crisis as the German election campaign heats up. The Social Democrat challenger has accused Merkel of not being honest with the German people over just how much the crisis has cost taxpayers.
Merkel turned on her predecessor whilst addressing a crowd of 1,000 supporters in the town of Rendsburg yesterday.
“Greece shouldn’t have been allowed into the Euro at the time of its admission in 2001. Chancellor Schroeder accepted Greece in and weakened the stability pact and both decisions were fundamentally wrong, and one of the starting points for our current troubles” Chancellor Merkel said.
Despite her words Merkel has openly backed the embattled government of Greek Prime Minister Antonis Samaras and has said many times that she wants Greece to remain a part of the Eurozone. Throughout her election campaign she has praised the EU and stressed its importance to Germany as an exporter.
“It is such a treasure, such a boon, that we can’t place it in doubt, that’s why the euro is more than a currency. For this reason we’ve shown solidarity, but solidarity always linked to responsibility for reforms in those countries that experience our solidarity” Merkel said to the crowd in Rendsburg.
The Euro meanwhile has edged higher against Sterling as the markets await a speech by Bank of England Governor Mark Carney and is holding steady against the US Dollar as the demand for safer havens rises as tensions rise in the Middle East.
Current Euro (EUR) Exchange Rates
As of 11:05 am
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3371
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8629
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4976
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.7241
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4042