German Chancellor Angela Merkel said Saturday it might take 10 years to solve the debt crisis in the eurozone.
“The European debt crisis will continue for at least a decade,” Merkel said in her weekly address to the nationa.
She called on all eurozone’s members to adopt austerity policies to help stabilize their budgets to solve the debts’ crises.
The European governments have “long way” to address the debt crisis “and we have to solve this crisis one step at a time,” said the Chancellor.
Merkel defended the decision by the European governments to offer financial aid for banks, saying “had we not helped the banks, this would have negative impacts on economic growth and European labor markets.” But Merkel stopped short to add that “despite that, the banks need to solve their own problems in future.”