Merkel: Make It Possible to Expel Nations From Eurozone

German Chancellor Angela Merkel says there needs to be a mechanism to expel countries from the eurozone if they persistently break its financial rules.

German Chancellor Angela Merkel
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German Chancellor Angela Merkel

Merkel told parliament Wednesday that countries should be kicked out of the 16-country bloc if they "again and again" break its financial rules.

She reiterated that Germany is not planning to give "rash" financial support to Greece, saying that "there are no alternatives to the Greek austerity program."

Under pressure from the European Union to control its finances after its mounting debts hit confidence in the euro, Greece has pledged to slash its budget deficit and bring it under the EU limit of 3 percent in 2012.

"The Greek government has shown a lot of courage," Merkel said.