German Chancellor Angela Merkel has excluded debt relief for Italy, explaining in a newspaper interview published on Sunday (3/06/2017) that the principle of solidarity among eurozone member states should not turn the single currency bloc into a debt-sharing union.

While cohesion among members of the single currency bloc is important, “solidarity among euro partners should never lead to a debt union, rather it must be about helping others to help themselves” – Merkel continued.

Chancellor made her remarks when asked about a media reports about Italy’s eurosceptic 5-Star Movement and Northern League (Lega Nord) had planned to ask the European Central Bank to forgive 250 billion euros ($296 billion) of Italian debt.