In her speech, Chancellor Angela Merkel stressed that the door remains open for talks with the Greek government. No new deal for Greece can be negotiated until after Sunday’s referendum. The German government had agreed on this point, she reported. "The door for negotiations always was open and will remain open," continued Angela Merkel. We owe it to the people of Greece and Europe.

The Greek government is, of course, entitled to hold a referendum. But equally the other 18 euro-zone states are entitled to work out and take an appropriate stance.

Europe is a community of responsibility

Angela Merkel once again pointed to the need for solidarity and responsibility. This is at the crux of decisions. "I say quite frankly to you, a good European does not seek an agreement at any price. A good European respects the European treaties and the national law in the country in question, and helps ensure in this way that the stability of the euro zone is not harmed."

"Europe is strong "

After the many reforms in recent years, including the ESM, the Fiscal Compact and the banking union, Europe is in a far more robust state of health and can afford to sit back and await developments. "Europe is strong," said Angela Merkel, "much stronger than it was five years ago, at the start of the European sovereign debt crisis". The situation today is indubitably a great challenge for us – but for the people in Greece it is an agonising ordeal.

It is not a question of 400 million or 1.2 billion euros. It is a question of the future of Europe as a community based on the rule of law and a community of responsibility. In a community of this sort a will to compromise is essential. But it cannot be a question of compromise at any price. If a compromise is to be viable the advantages must outweigh the disadvantages.

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The future of Europe is not at stake

In spite of the scale of the challenges, the future of Europe is not at stake, but the world is looking to Europe. Angela Merkel stressed once again, before closing, the values that the European Union must assert in the world. Europe must emerge stronger after mastering the sovereign debt crisis.

Assistance presupposes efforts on the part of the recipient

Federal Economics Affairs Minister Sigmar Gabriel does not consider that either Europe or the euro zone are in danger. The euro is a stable currency, he said. But it is also clear that recipients of assistance are required to make their own efforts. Anything else would be "the first step on the way to a no-strings-attached transfer union". Sigmar Gabriel pointed out that Germany has been the main winner of the European Union and the euro, which means that Germany must be especially aware of its responsibility and that special courage is called for on the part of Germany.

Germany is ready to declare its solidarity, assured Sigmar Gabriel. It is, after all, a European principle that every member is entitled to assistance. But equally, every member must ensure within their own country that this support does not become necessary on a permanent basis.

Wolfgang Schäuble demands reliability

Federal Finance Minister Wolfgang Schäuble pointed out that Greece has already received loans totalling 240 billion euros. Private creditors have also already trimmed about 100 billion euros off the Greek debt. In his speech Wolfgang Schäuble criticised the actions of the Greek government and called repeatedly for trust and reliability as the absolute precondition for credible negotiations. The European Commission and the Eurogroup are, of course, ready to engage, he stated.

The economic assistance programme for Greece ended on 30 June. On 27 June Athens broke off the negotiations with the Eurogroup over an extension of the assistance package. In a referendum to be held on 5 July, the Greek government is asking voters to accept or reject the last offer made by the country’s creditors (IMF, European Central Bank and the European Commission). Greece was unable to make the 1.6 billion euro repayment to the IMF that was due on 30 June. The Greek government has closed the country’s banks for a week until 5 July, and has introduced capital control measures.