German aid depends on tougher Greek savings-Merkel

Greece must commit to further savings measures and show it can return to a sustainable economic path before Germany can approve emergency aid, Chancellor Angela Merkel said on Monday.

"We need a positive development in Greece together with further savings measures," Merkel told reporters. "Germany will help if the approproate conditions are met. Germany feels an enormous obligation towards the stability of the euro."

Merkel added: "If Greece is ready accept tough measures, not just in one year but over several years, then we have a good chance to secure the stability of the euro for us all."