Greek austerity policy ‘proven to be right,’ says Merkel

German Chancellor Angela Merkel has defended austerity policy in Greece and other debt-hit countries in the eurozone, however acknowledging that the people had to shoulder a "considerable" burden.

"What counts is that the currency union and the euro were maintained," Merkel said in an interview with Germany's Suddeutsche Zeitung.

Merkel, who is in her fourth and final term in office, said that reforms in Greece, Ireland, Portugal and Spain "have proven to be right, even if I don't dispute that the burden for the population was considerable."

Speaking about Europe's refugee crisis, Merkel said that the problem requires greater burden-sharing among EU members as well as efforts to tackle the roots of the problem.