Europe to aid Greece: Sarkozy
By Harry Papachristou and Crispian Balmer |
March 9, 2010, Tuesday
|
Print Edition
Print Edition
FRENCH President Nicolas Sarkozy promised Greece on Sunday that eurozone countries would help it overcome its financial problems and vowed a European crackdown on speculators Athens blames for its woes.
He was speaking after talks with Greek Prime Minister George Papandreou, who is seeking pledges of support from European capitals that will reassure markets and lower the debt-stricken country's hefty borrowing costs.
"The main actors on the European stage are decided to do whatever is needed to make sure Greece is not isolated," Sarkozy said, ruling out immediate financial backing, but stressing that his economy minister was drawing up aid scenarios.
"Christine Lagarde, in tandem with her colleagues in the eurozone and in Europe ... is working on a certain number of precise measures if Greece needs them," he said, standing alongside the Greek prime minister.
Papandreou met German Chancellor Angela Merkel and Luxembourg Prime Minister Jean-Claude Juncker last Friday and will fly to Washington to see United States leaders.
He came out of Friday's meetings looking disappointed at the lack of specific pledges, despite his widely applauded efforts to curb the Greek deficit. He was more upbeat on Sunday.
"After my meetings more specific ways are beginning to emerge about how to deal with any possible borrowing problems," he said, adding that measures would be announced shortly to tackle speculators profiting from Greek financial difficulties.
Greece says abuse of credit default swaps, used to insure against default, has pushed up debt costs and Papandreou said France, Germany and Luxembourg were ready to act.
"Tomorrow or the day after you will know about it. It is an initiative aimed at finding a solution to the speculators," he said, adding he would seek American support for the move.
Germany has appeared particularly reluctant to ride to Athens's rescue, with public opinion opposed to giving handouts to a country that has failed to address its budget problems for years, but Sarkozy said no one should doubt Merkel's commitment. "I believe in German solidarity," said the president, who spoke to Merkel earlier in the day.
He was speaking after talks with Greek Prime Minister George Papandreou, who is seeking pledges of support from European capitals that will reassure markets and lower the debt-stricken country's hefty borrowing costs.
"The main actors on the European stage are decided to do whatever is needed to make sure Greece is not isolated," Sarkozy said, ruling out immediate financial backing, but stressing that his economy minister was drawing up aid scenarios.
"Christine Lagarde, in tandem with her colleagues in the eurozone and in Europe ... is working on a certain number of precise measures if Greece needs them," he said, standing alongside the Greek prime minister.
Papandreou met German Chancellor Angela Merkel and Luxembourg Prime Minister Jean-Claude Juncker last Friday and will fly to Washington to see United States leaders.
He came out of Friday's meetings looking disappointed at the lack of specific pledges, despite his widely applauded efforts to curb the Greek deficit. He was more upbeat on Sunday.
"After my meetings more specific ways are beginning to emerge about how to deal with any possible borrowing problems," he said, adding that measures would be announced shortly to tackle speculators profiting from Greek financial difficulties.
Greece says abuse of credit default swaps, used to insure against default, has pushed up debt costs and Papandreou said France, Germany and Luxembourg were ready to act.
"Tomorrow or the day after you will know about it. It is an initiative aimed at finding a solution to the speculators," he said, adding he would seek American support for the move.
Germany has appeared particularly reluctant to ride to Athens's rescue, with public opinion opposed to giving handouts to a country that has failed to address its budget problems for years, but Sarkozy said no one should doubt Merkel's commitment. "I believe in German solidarity," said the president, who spoke to Merkel earlier in the day.
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