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Latest update: 01/11/2011
- bailout - France - George Papandreou - Germany - Greece
Sarkozy, Merkel call meeting over 'irresponsible' Greece
French President Nicolas Sarkozy was set to meet with German Chancellor Angela Merkel in Paris Tuesday to discuss Greek PM George Papandreou's announcement that he would hold a referendum in Greece to decide whether to accept the eurozone bailout.
By News Wires (text)
REUTERS - French President Nicolas Sarkozy will discuss Greece’s decision to hold a referendum on its bailout deal with German Chancellor Angela Merkel on Tuesday afternoon and then hold an urgent ministerial meeting, Sarkozy’s office said.
Markets tumbled across Europe in response to the announcement of a referendum, which is expected to take place in a few weeks.
Last week’s 130 billion-euro ($180 billion) bailout package had raised hopes a line could be drawn under banks’ Greek losses and euro zone bonds could be sold to China and other investors.
Sarkozy’s office said he would meet his top ministers, including the prime minister, finance minister and foreign minister as well as the central bank governor, at 1700 local time (1600 GMT) to discuss Greece’s decision.
“No statement is due after the ministerial meeting,” a presidential source said.
Share prices of French banks and other lenders exposed to Greece and other weak euro zone countries slumped on Tuesday.
Societe Generale tumbled 13 percent and BNP Paribas and Credit Agricole fell more than 10 percent. They are among the most exposed to Greece through sovereign debt holdings and loans.
“We have just added fuel to the fire and we don’t understand at all the decision of the Greek PM,” said Marc Touati, chief economist at Assya Compagnie Financiere in Paris.
“If there is a referendum the ‘no’ will win. Greece is playing a suicidal game that could lead to its exit of the euro zone so there is fear on French banks, but also on (euro zone) states.”
Rebuke
The Greek government’s decision brought a sharp rebuke from a former industry minister and close ally of Sarkozy within his UMP ruling party, Christian Estrosi, who called the move “totally irresponsible”.
“When we are in a crisis situation and others want to help you it is insulting to try to save one’s skin rather than to face one’s responsibilities,” said Estrosi.
Far-right leader Marine Le Pen, who is seen winning 10 percent of the vote in next year’s presidential elections with calls for more protectionism and for France to leave the euro, said it was time for European leaders to come up with a “plan B” to prepare an exit from the euro before “catastrophe and panic” strikes.
“We tried to gain time at an exorbitant cost for the people knowing that the end was inevitable,” Le Pen told i-Tele television.
“We now need to get round the table and prepare a concerted, intelligent plan to leave the euro with our European partners. This mad dash must end otherwise there will be revolt among European people.”
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Comments (5)
The future of the entire EU
The future of the entire EU rest in the hands of the Greek people, and they're trying to drag us down with them!
They've already received over 300,000,000,000 (Yes 300bn) Euros of our hard earned money and they refuse to resolve their own problems. Get more stats on my site:
http://antimsmnews.blogspot.com/p/eurozone.html
mercurial vapor
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Helping Greece out
What a JOKE. The French are trying to save their OWN banks. As the Markets showed today- they have more to lose than just Greece. This is a negotiation. The French and Germans need to - GET over it they have more to lose than Greece. The Greek People lose either way.
Sovereign Debt
Debt accumulates over time. Some have lived beyond their means for too long. Unfortunately, workers have not always received the benefit, where some individuals have earned hansom profits, only to transfer them abroad. “Workers” have however accepted it. To expect Europe to pay for their error is just wrong.
People of warm climates should consider the extra cost that people living in northern Europe have to pay. They have to clear roads of snow and heat their homes. How can they afford it?
Sovereign Debt
Debt accumulates over time. Some have lived beyond their means for too long. Unfortunately, workers have not always received the benefit, where some individuals have earned hansom profits, only to transfer them abroad. “Workers” have however accepted it. To expect Europe to pay for their error is just wrong.
People of warm climates should consider the extra cost that people living in northern Europe have to pay. They have to clear roads of snow and heat their homes. How can they afford it?
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