Thursday, May 28, 2015Thursday, May 28, 2015

Merkel praises EU bank deal, urges payment to Athens

Published on Dec 13, 2012 5:44 PM
German chancellor Angela Merkel smiles at the lower house of parliament, Bundestag, on Dec 13, 2012 in Berlin on the position Germany will take at an EU summit due to begin later in the day. Merkel praised on Thursday a European Union agreement to create a bank supervisor to oversee lenders across the eurozone. -- PHOTO: AFP

BERLIN (AFP) - German Chancellor Angela Merkel on Thursday praised a new EU accord to create a supervisor to oversee banks across the eurozone and urged the release of urgently needed funds for Greece.

Addressing lawmakers in the Bundestag lower house of parliament, she said the deal clinched earlier in Brussels just hours before an EU summit was of inestimable value and had met German concerns.

"It cannot be valued highly enough that eurozone finance ministers agreed overnight on a legal framework and the outlines of a common supervisory mechanism for banks," she said.

And she thanked German Finance Minister Wolfgang Schaeuble, saying that Berlin's "core demands" had been met in the agreement.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!