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Angela Merkel on Greek bailout: 'I think trust can be regained'

In a news conference held after the Greek bailout agreement was announced, German Chancellor Angela Merkel said that although the deal hasn't been formally accepted by the Greek parliament, there's no need for a Plan B.

The Greek parliament has to approve all conditions of the bailout before the German parliament votes. "The situation in Greece is a very tense one," Merkel said. "It is in Greece's interest to go through the steps to make this happen. I have no reason to doubt the time plan agreed, the laws have already been prepared. I think trust can be regained." Merkel said she can recommend "with full conviction" that the Bundestag agree to open negotiations with Greece.

Merkel also said the €25 billion that will be used to recapitalize Greek banks, which will then be privatized, will be run with European oversight. "We want to use the best possibilities to privatize, and get the best possible revenue out of these assets," she said. "We need to support the program, we have seen in the past that there have been problems implementing the programs."