Merkel: Europe's future at stake in Greek crisis

Berlin, Germany (CNN) -- Europe stands at the crossroads with the economic crisis in Greece, German Chancellor Angela Merkel said Wednesday.

In a government statement at the German parliament, Merkel said the crisis has shown the need for sanctions in case of financial violations of the European Union treaty.

Suspensions of eurozone member countries -- those that use the common currency -- are not out of the question, she added.

"This is about the future of Europe," Merkel said, defending the €110-billion ($145-billion) bailout for Greece, announced Sunday by the European Union.

EU leaders have called the aid unprecedented and say it's needed to get Greece's economy back on track.