Video: Europe elections: German Chancellor Angela Merkel welcomes Francois Hollande but warns Greece But the German Chancellor insisted that the EU's fiscal compact, the bail-out plan that Prime Minister David Cameron initially vetoed last winter, would not be up for renegotiation. We in Germany are of the opinion, and so am I personally, that the fiscal pact is not negotiable. It has been negotiated and has been signed by 25 countries," Merkel said. In terms of Europe's financial ills, Ms Merkel also had strong words for Greece after voters in the country appeared to reject European Union/IMF-backed austerity measures by punishing the two main parties in favour of the bail-out and delivering a hung parliament. The election result in Greece is somewhat complicated. But the most important thing now is for Greece to evaluate the result themselves. They will discuss how to progress. And of course it is of greatest importance that the programmes already agreed upon with Greece will continue, that the path Greece went, which might be burdensome but it has to be continued. But now is the time that Greece themselves has to evaluate the results of the election.