Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
FRANCE AND GERMANY have said they are “convinced” Greece will remain in the Eurozone, after a three-way conference call between the countries’ leaders last night.
German chancellor Angela Merkel and French president Nicolas Sarkozy spoke to Greek prime minister George Papandreou as fears mounted that the heavily indebted nation would be forced to default and leave the single currency.
After the call, Sarkozy’s office said in a statement that France and Germany “are convinced that the future of Greece is in the Eurozone”, according to AFP.
Papandreou has vowed to implement wide-ranging austerity measures as a condition of ongoing financial support. Earlier in the day, a French government spokeswoman said Sarkozy was prepared to do “whatever it takes” to rescue Greece.
A spokesman for Merkel told the Wall Street Journal that full adherence to the agreed package of cuts was a “prerequisite” for further bailout payments. However, the payments have been delayed as Finnish authorities demand Greek assets as collateral for the loans.
Meanwhile, EU economics commissioner Olli Rehn has said he “totally disagrees” with those suggesting the best way for Greece would be an orderly exit from the Eurozone. He said such a move would have “dramatic repercussions not only for Greece but for all the Eurozone member countries,” EMG reports.
The interest rate on Greek ten-year bonds has been climbing precipitously and now stands at more than 26 per cent. Ireland’s has fallen from highs of 14 per cent in July to just under nine per cent.
To embed this post, copy the code below on your site
Merkel and Sarkozy want Greece to survive if only because there have so much money buried into it.
If that wasn’t the case, I suspect their efforts on Greece’s behalf, would not be so vigorous.
In the end (understandable to an extent) they are looking out for their own country in the long run.
We would do similar.
That said, I still wouldn’t trust Merkel and Sarkozy as far as I could throw them. They are in each others pockets and out with their own similar agendas too much, that its leaving many in the rest of Europe very uncomfortable.
Hmm. Sarkozy is quite small. I’d say you could throw him quite a distance ;)
LOL – very good!
hrmm, did they say they believe this regardless of a default, or are they saying this to try to continue preventing a default, I wonder?
(honest question, btw, not sarcastic as it appears :))
Well Done Frau Ferkel..you managed to destroy European Union with the help of your little freund Sarkosy.
And the sooner the better. This EU thing is simply not workable. One organisation whose upper echelons advocate greater unity in order to secure better jobs for themselves, claiming to represent 27 countries with more than 40 different ethnic groups and about 50 different languages, with about 10 different religions, punctured with enclaves and exclaves, spread across 12 time zones with a “single currency” used only by 17 of the states with no common financial policy and massive discrepancies between wealth and poverty amongst the member states and within member states, with vastly differing ideas on what democracy actually means, with kings and queens and dukes and princes and presidents and chancellors…..
I’m surprised and gratified to find myself in agreement Brian, and you put it better than I ever could.. What was wrong with our economic community anyway?
In fairness Daithí, I think it was just on the one topic that our radically diverged. I think for the most part our ideas are pretty similar based on some of the comments you have made elsewhere. Indeed, what was wrong with the EEC? I don’t see how it couldn’t be expanded to include more countries without necessitating the erosion of national sovereignty and democracy.
Not surprising that they want Greece to stay in the Euro and not default. The Greeks owe the French banks over €45 billion that would make even Sarkozy’s eye’s water….
12 time zones? Really??
Yes, 12 time zones. French Guiana, as an overseas department of France, is situated on the South American continent. It is an integral part of the EU and is situated at UTC-3 (that’s 3 hours behind our time zone). French Polynesia, a special territory of the EU as well as being an overseas collectivity of France, is situated in the Pacific Ocean and is spread across three time zones: UTC-10, UTC-9:30 and UTC-9. Therefore, at its furthest extent West, the EU includes a territory situated at UTC-10. There are two possible candidates for furthest territory East: BIOT (British Indian Ocean Territory) located in the Indian Ocean which is at UTC+6 or Cyprus which is located at UTC+2. Therefore, depending on definition, the EU extends from UTC-10 to UTC+6 (17 times zones) or UTC-10 to UTC+2 (13 time zones). I originally stated 12, but I forgot about our own time zone of UTC±0! (As an aside, a little known fact is that technically Ireland is not located in the same time zone as the UK – the UK’s standard time zone is based on Winter time which is GMT. Ireland’s standard time zone is actually based on Summer time which is IST or Irish Standard Time. The UK adds an hour every summer to become BST or British Summer Time. We subtract an hour every winter to become WET or Western European Time. It’s simply incidental that the two happen to correlate – i.e. WET = GMT and IST = BST).
have your say