Once more, the European Union is mobilized yesterday to try to agree on a plan of assistance to the Greece that his Prime Minister Georges Papandreou continues to claim. Two days of the spring European Council, Herman Van Rompuy has unveiled its intention to convene tomorrow the heads of State and Government of the euro area in prior to the Summit at twenty-seven. The idea also was raised in the afternoon by the French President, Nicolas Sarkozy, at his meeting in Paris with the President of the Spanish Council, José Luis Zapatero. "We agree to request a meeting of the leaders of the Eurogroup ..." "to speak of the economic governance of Europe and the euro area in which we believe much", said Nicolas Sarkozy before adding: "It that Europe and the Eurogroup help Greece in advance."
The Summit is expected to finalize an agreement which would close the 16 countries of the euro, a European source cited by AFP. This compromise, both on this assistance mechanism, the role of the IMF and the future economic governance of the euro area, mainly was negotiated behind the scenes by Paris and Berlin. He would always, according to Angela Merkel, in a strengthening of the General discipline of economic policy and budget of the country European. According to a German official cited by AFP, Berlin would require that the IMF is involved in any financial assistance plan. Paris also appears to have suit on this requirement. Berlin ACC by also agreed to the establishment of new mechanisms to ensure effective budgetary discipline in the euro area.
"The condition standing, as a last resort, is that the possibilities for refinancing of the Greece market be exhausted" more indicated this German officer quoted by the AFP. The Germany would therefore that this instrument is not triggered until the Greece will be able to refinance markets. But Georges Papandreou has always maintained that the only thing he needed was of high interest rates less than that markets require several months.
With the endorsement of Angela Merkel
Remained, yesterday evening, to obtain the approval of German Chancellor for his participation in a Summit of the Member countries of the euro area. It would be the second of this type since the creation of the single currency. The first was organized in October 2008 in financial turmoil, headed by Nicolas Sarkozy, then President of the European Union. Since then, Angela Merkel systematically rejected any proposal to renew the exercise. It is true that in the meantime, the Greek crisis has revealed the shortcomings of the economic governance in the European Union and convinced her to tighten monitoring of budgetary policies. Angela Merkel has however stated that better economic governance had to be exercised in the European Union to twenty-seven.
A refusal on his part would again lead to doubts about the unity of the Union and could worry the markets. Yesterday, in any case the announcement of a likely Summit before the Summit, the euro has crossed the threshold of 1.35 dollar to finish the day at 1,3499.
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