G20 summit 2012: Markets pressured Merkel

[Tameko]

Robert Shapiro, a former US undersecretary for commerce, said it was market pressure that would lead to a change of tack in Europe - particularly when it comes to German Chancellor Angela Merkel. Shapiro, who served under former US President Bill Clinton and is currently an advisor to Obama, said the G20 summit was successful because the chancellor altered her position.

Angela Merkel

Merkel agreed to use eurozone funds to help Spain and Italy

"For the first time, she agreed, begrudgingly, that the eurozone's money could be used to balance Spanish and Italian accounts," he told DW.

Obama, along with leading politicians in the eurozone, has worked for months to convince Merkel to enact the measures necessary to prevent the euro's collapse, Shapiro said. Greek voters over the weekend narrowly lent their support to pro-bailout parties, which gives Merkel more room to maneuver, he added.