By Yann Le Guernigou and John Irish
PARIS | Tue Nov 1, 2011 4:47pm EDT
(Reuters) – French President Nicolas Sarkozy and German Chancellor Angela Merkel will hold an emergency meeting with Greece on Wednesday to push for a quick implementation of Athens’ bailout deal, the “only solution” to its debt crisis, Sarkozy said on Tuesday.
Markets tumbled across Europe in response to the announcement by the Greek government to hold a referendum on the agreement 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.
“This announcement took the whole of Europe by surprise,” Sarkozy said in a rare televised address on the steps of the Elysee palace in Paris.
“The plan … is the only way to solve Greece’s debt problem,” he said after a lengthy meeting with his top ministers and the central bank governor to discuss the referendum decision.
Sarkozy said a hastily arranged meeting for Wednesday in the Riviera resort of Cannes with his German counterpart Angela Merkel, Greek Prime Minister George Papandreou, European Union and IMF officials would “examine the conditions under which the commitments made could be maintained.”
Sarkozy, Merkel, Eurogroup President Jean-Claude Juncker, European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso, IMF chief Christine Lagarde and an ECB representative will first meet at 1730 local time (12:30 p.m. ET). They will then meet Papandreou and his finance minister at 2030 local time.
The meeting comes just before a Nov 3-4 gathering of G20 heads of states in Cannes and will attempt to reassure world powers that the euro zone can resolve its crisis.
After an earlier call with Merkel, Sarkozy’s office said the two countries were “determined” to ensure, the full implementation of the October 27 deal in the quickest time frame.
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and what will they do besides dine on very delectable food and drink ?
This time they seem to have no control.
It is all very messed up. Remember, Sarkozy wears high heeled shoes so that he does not appear so short. That is really all you need to know. Papandreou wants to bitch slap Sarkozy every time he sees him. Trust me.
LOL I do not doubt any of it…& Merkel is probably like Cher’s son or daughter…
lmao…You know Papandreou can’t believe he has to watch as those ugly stupid little people gut his country.