MOSCOW (Sputnik) — Merkel warned that "if the euro fails, Europe fails," as quoted by Germany’s N24 channel.
"It is existential for our ability to compromise that we stand united. But everyone must contribute."
Merkel was speaking at a celebration marking the 70th anniversary of the founding of the Christian Democratic Party (CDU), of which she is a member.
The jubilee was overshadowed by Greece's looming default on its debt to the International Monetary Fund (IMF), due on June 30. Greek authorities said previously that they had no money to make the payment.
Eurozone finance ministers refused on Saturday to extend the current bailout program beyond the end of June, after Greece dropped out of talks with its creditors and called a referendum on the bailout terms for July 5.
If Greece defaults, it could be forced to leave the single currency monetary union and possibly the European Union.
