Germany demands a tough budget discipline for EU countries, with Chancellor Angela Merkel saying that Brussels should be entitled to abolish budgets of countries exceeding deficit norms. The politician has once again voiced support of Greece, the Euro zone’s “enfant terrible” that has not yet adopted a package of austerity measures.

The only possible way out of the crisis is to tighten all the budget screws, Angela Merkel said, urging everyone to recollect the stringent parameters that became the economic foundation of the Euro zone.

"I will fight at the European level for the right to act decisively towards those who are time and again approving budgets that are at odds with the Stability and Growth Pact. We have to be sure of our ability to annul such budgets, otherwise we will never recover from the crisis, the German chancellor said."

The Stability and Growth Pact binds the Euro zone countries to keeping their total public debt below 60 percent of GDP. Today we can see Spain, Italy and other states that signed the package exceeding this level manifold. Even in Germany, the public debt stands at over 80 percent of GDP. Furthermore, despite Merkel’s harsh statements, Germany is not ready to expel Greece from the Euro zone. On the one hand, German banks are the largest holders of Greek bonds, but on the other hand, Merkel can feel the influence of voters, many of whom still believe in the idea of European integration, according to Russian political analyst Vladislav Belov.

"Any words of support to Greece coming from Merkel are a positive factor, given that none of the experts is ready to forecast the possible effects of a Greek default. Merkel believes such policy cannot but find support in the Bundestag. In view of the upcoming federal elections, she sharply criticizes her Eurosceptic coalition partners," says Vladislav Belov.

However, Greece has to approve the new austerity package amid the constantly appearing speculations concerning its default. The day before, world media reported that the Euro zone salvage plan allegedly coordinated with the International monetary fund (IMF), provides for a 50 percent debt relief for Athens. Having denied this information, the Greek authorities said they are looking forward to receiving another tranche from international financial organizations, Russian economist Sergei Moiseev pointed out.

"What is needed now is not a discussion but an actual decision of authorities that have moved close to solving the Greek problem. We have to wait until the joint commission delivers its verdict concerning Greece’s fulfillment of its current obligations. A positive signal will facilitate the approval of the second bailout," Sergei Moiseev says.

Indeed, this week is expected to witness the release of results of a joint inspection carried out by IMF, EU and European Central Bank officials. However, they haven’t yet left for Athens, according to the latest information. Every single day counts now, because if the €8 billion aid tranche is not provided until mid October, Greece will lack money to pay off its debts and encounter a technical default. In the meantime, the press is actively debating a possible expansion of the €440-billion European Financial Stability Facility (EFSF) to 780 billion by the end of this week. And still, experts claim that the sum needed to save all the troubled countries already exceeds €2 trillion. Tweet