'What happens in one member state affects all others, especially as we have a common currency, which means we have a common responsibility,' Merkel said.
Greek debt and stock prices have taken a beating after a downgrade from rating agency Fitch this week because of the country's huge budget deficit and public debt.
'I am certain that we will discuss the situation of Greece at our meeting later this afternoon. I talked about the Stability and Growth Pact during my speech and this is what we are using as a basis in the crisis,' Merkel told reporters after addressing centre-right party leaders in Bonn before the summit.
The Stability and Growth Pact is a set of EU rules limiting government deficits to 3 percent of GDP and debt to 60 percent of GDP. The European Commission sees the Greek budget deficit at 12.7 percent this year and debt at 112.6 percent.
(Reporting by Sarah Marsh, writing by Jan Strupczewski, editing by Timothy Heritage)
Keywords: GERMANY GREECE/
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