Merkel Says EU Backs Greece

German Chancellor Angela Merkel indicated Thursday that healthier members of the euro zone aren't prepared to abandon Greece and other heavily indebted countries in the currency bloc, The Wall Street Journal reported. Ms. Merkel's comments were the first by a senior European figure in recent days to focus on shared obligations among members of Europe's monetary union, after a flurry of statements by European politicians and ECB officials emphasizing Greece's need to act. The chancellor's comments countered a growing sense of unease in the bond market that Greece, which angered its partners in the European Union with a massive upward revision to its budget deficit only a few weeks ago, might be left to default by an EU no longer prepared to tolerate the country's chronic deficits. Similar concerns had spread to other countries with weak public finances, such as Ireland and Spain. Read more. (Subscription required.)