Merkel: Recovery will take at least a decade
German Chancellor Angela Merkel says at least a decade is needed for Europe to pull itself out of the debt crisis, but sees “no reason to be pessimistic” if everyone “applies themselves and does their homework”.
Ms Merkel devoted her weekly podcast to reassuring Germans that despite a week of rattled markets and drama in Greece, Europe’s debt crisis can be managed with time and effort.
She said: “This debt crisis will not simply go away,” but it will “certainly be a decade before we are in a better position”.
She added that despite the turmoil, she saw “no reason to be pessimistic” and insisted that if Europeans band together, “everyone makes an effort and does their homework” they will pull through.
