Merkel: Spain was “irresponsible” over real estate bubble

German chancellor says she has no magic wand to bring euro crisis to happy conclusion

German Chancellor Angela Merkel criticized Spain’s years of “irresponsible decisions” that led to the serious debt crisis the country is now facing. Speaking before German lawmakers in the Bundestag, Merkel referred to the “10 years that Spain allowed the property bubble swell.”

Nevertheless, she said that Germany and the rest of Europe were willing stand by Spain while reiterating that the 100 billion euros that will be funneled to Spanish banks come “with conditions, of course.”

A stern Merkel also pointed out that Germany didn’t have extraordinary power to save the entire euro zone “as some countries like to think.”


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