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Berlin (UPI) Apr 26, 2010 Germany isn't ready to say "yes" to a eurozone bailout for Greece, demanding that the troubled country pledge further austerity measures. Greece is trying to quickly unlock a $60 billion emergency loan package financed by the 16 eurozone countries and the International Monetary Fund. German Chancellor Angela Merkel said Greece needed to come up with "additional savings measures" to get the money. "Germany will help if the appropriate conditions are met," Merkel said Monday in Berlin. "That will take a few more days." She added her government "feels an enormous obligation toward the stability" of the euro, the single currency of the eurozone member states. "If Greece is ready to 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," Merkel said. Athens Friday called for the loan package after EU data indicated the country's 2009 deficit to be greater than previously estimated, sparking a harsh response from financial markets. Latest polls indicate that 9-in-10 Germans asked said they oppose bailing out Greece. Merkel seems to be eager to convey the image that she won't hand out the more than $11 billion Germany is due to donate -- the biggest contributing share -- without making sure the money is well spent. Germany and France upped the pressure on Greece over the weekend, when Finance Minister Wolfgang Schaeuble said a radical reform of the Greek economy was an "absolute prerequisite" for aid. "The fact that neither the European Union nor the German government has taken a decision means that the response can be positive as well as negative," Schaeuble told Bild newspaper. "This depends entirely on whether Greece continues in the coming years with the strict savings course it has launched." Schaeuble's French counterpart Christine Lagarde called for strictly controlling Greece's response to the aid, adding that payments would be halted if Athens wouldn't live up to its commitments. Greece needs more than $13 billion to cover debt coming due May 19. Athens has around $400 billion in overall debt, with $72 billion coming due in 2010. Authorities have instituted a series of austerity measures -- including tax increases and salary cuts for public employees -- that have caused unrest across the country. Mass strikes by public employees closed schools and left hospitals with only emergency personnel on hand.
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