Angela Merkel and Nicolas Sarkozy are convinced that Greece's future is within the eurozone, after a three-way conference call with Greek Prime Minister, George Papandreou.
Ms Merkel and Mr Sarkozy stressed the need for Greece to put into practice in a strict and effective way the already-agreed measures of its austerity programme under a current bailout package. The two leaders also said that in order to guarantee the stability of the eurozone, it is essential to put into practice the decisions taken by eurozone leaders at the July 21 summit.
The leaders then agreed to widen the scope of the eurozone's current rescue fund, the European Financial Stability Facility, to give it powers to buy bonds in the secondary market. Earlier, they had decided to widen the facility's actual lending capacity to €440 billion ($602 billion). Both measures are still pending approval by some European parliaments, among them Germany's Bundestag. Earlier, the French government said it was ready to do whatever it takes to rescue Greece, as it urged the debt-laden eurozone member to implement swiftly a July 21 plan to prevent a possible bankruptcy.
Full article
© Wall Street Journal
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article