AFP
May 6, 2010

BERLIN — German Chancellor Angela Merkel on Thursday slammed “treacherous” practices by banks during the Greek crisis and said governments must crack down on speculators hunting profits in the turmoil.

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Merkel, whose Christian Democrats face a tough re-election battle in Germany’s most populous state Sunday, railed against gamblers on the financial markets who she said were exacerbating an already volatile situation.

“First the banks failed, forcing states to carry out rescue operations. They plunged the global economy over the precipice and we had to initiate recovery packages. Because of these packages, we have become indebted and now, they are speculating against these debts — that is really very treacherous,” she said.

“Governments must regain their supremacy over the markets, which they no longer have, and for that we need much stricter global rules,” she added, at a debate on Europe organised by a public broadcaster.

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