The Straits Times
Published on Dec 13, 2012

Merkel praises EU bank deal, urges payment to Athens


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.