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"Pull yourself together, Papandreou," said Merkel and Sarkozy

14 September 2011 / 21:09:24  GRReporter
3367 reads

Stop messing about and launch the major reforms, is the message of the German Chancellor Angela Merkel and the French President Nicolas Sarkozy, who held a 25-minute video conference with the Greek Prime Minister George Papandreou. Once the Troka gave up the Greek negligence and left in the middle of the fifth inspection of the local economy, the leaders of the two most powerful European countries realized the need to intervene personally.
Merkel and Sarkozy required once again Papandreou to bind with the promise that he will apply immediately the arrangements of July 21 this year in order to limit the effect of the debt crisis that threatens to spread to other euro zone countries. They tried to dispel the rumours that the euro zone will do better without Greece, but were adamant that the Mediterranean country should not delay the recovery of its finance and the strengthening of its competitiveness.

Earlier in the day, the Commissioner for Economic Affairs of the European Union Olli Rehn stressed that the eventual Greece's leaving the euro zone would be disastrous for both the country and the currency union. The Commissioner for Economic Affairs explained to the European Parliament that it is certain that the Greece’s default and leaving the euro zone will have dramatic economic, social and political consequences not only for the country but also for the Member States of the European Union as well as for the international associates.

Greece needs time to implement the reforms in order to return to the capital markets, said the Chairman of the US Federal Reserve Timothy Geithner. He made it clear that Germany has the financial strength to endure the debt crisis at the moment, but fast and effective decisions should be taken.


Tags: EconomyMarketsPapandreouMerkelSarkozyVideo conferenceDebt crisis
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