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Sarkozy & Merkel: Greece will remain in the euro area
French President Nicolas Sarkozy and German Chancellor Angela Merkel is convinced that Greece will remain in the euro area, as the economies of countries in Europe will intensify its efforts to combat the crisis of sovereign debt. The euro rose immediately after leaders from the euro area economies have debated with Greek Prime Minister George Papandreou deficits for the country to meet the criteria for granting a new international financial aid. The increase was however short, the euro falling so much later as European leaders delayed ratification of agreement of 21 July. This understanding provides growing amount of money held by the European Financial Stability for the fund can borrow again Greece. "I am skeptical and believe that these statements will not ease tensions on the markets," says Tull Bucco, economist at UniCredit Global Research in Milan. "Implementation of the second package of financial aid for Greece has so much to produce and the road is strewn with obstacles," warned Bucco, quoted by Bloomberg. Prime Minister Papandreou gave assurances that the highest priority of the cabinet or "save Greece from bankruptcy" and will take all necessary measures in this regard. At this point aurteritatea is true not only key word for Greece but for the whole euro area. "The success of the plan to rescue Greece will provide stability for the euro area," Papandreou assured.
