Merkel Says No Quick Solution to Greek Financing Crunch

German Chancellor Angela Merkel said there’s no quick solution for Greece’s financing crunch and that the government in Athens must understand European Union aid is a two-way street under which agreements must be honored.

Speaking to parliament in Berlin on Thursday before leaving for an EU summit in Brussels, Merkel said the bloc is ready to help if Greece is ready to meet its reform obligations. Reviving language she used in the past when the euro area’s debt crisis flared, Merkel warned that if the euro fails then the EU will fail.