Merkel: Don't expect "spectacular" outcomes from euro debt summit
German Chancellor Angela Merkel warned Tuesday that this week's eurozone summit in Brussels would not generate any "spectacular" measures to solve the eurozone debt crisis, reported dpa
Merkel's remarks seemed to dampen expectations that the meeting Thursday would be able to find a definitive solution to the crisis that has been gripping the European Union's single currency over the past 18 months.
"After more than a year of debates about Greece, there is currently a huge desire for one large, concluding step, ideally a spectacular one," Merkel said.
"It is human to wish that the subject would go away," she continued, adding, "I will not give in to that."
Eurozone leaders are expected to approve a second aid package for Greece, as well as lower interest rates and extend maturities of its existing bailout loans, in order to reduce its debt burden.
Several economists have argued that more radical measures - such as a wholesale restructuring of Greek debt or the issuance of eurobonds - are needed to restore confidence in the euro, and prevent the crisis spreading to Italy or Spain.
But the chancellor said anybody demanding extreme measures to resolve the debt crisis "is acting negligently or losing patience, or both."
"There will not be such a spectacular single step - not on Thursday either," Merkel warned. Instead she said a controlled process of consecutive steps needed to be taken.
"These steps deal solely with the root of the problem: reducing debt and increasing competitiveness," Merkel said.