[B] Valentina Pop EUOBSERVER / BERLIN – German Chancellor Angela Merkel on Wednesday (19 May) called for tougher sanctions on deficit laggards and clear procedures for state insolvency if bail-outs do not work, as she defended her country's contribution to the €750 billion rescue package in what she called an "existential test" for the euro.

"We need a comprehensive reform of the stability and growth pact, with tougher rules of the game aiming to achieve one thing in particular: that member states bear the responsibility for a solid budget management," Ms Merkel told members of the Bundestag who on Friday are to vote on Germany's €123 billion slice of the eurozone rescue package.

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