News / Economy

France: Greece Must Stay in Eurozone

France’s President Francois Hollande, left, welcomes Greece's Prime Minister Antonis Samaras at the Elysee Palace, Paris, August 25, 2012.France’s President Francois Hollande, left, welcomes Greece's Prime Minister Antonis Samaras at the Elysee Palace, Paris, August 25, 2012.
x
France’s President Francois Hollande, left, welcomes Greece's Prime Minister Antonis Samaras at the Elysee Palace, Paris, August 25, 2012.
France’s President Francois Hollande, left, welcomes Greece's Prime Minister Antonis Samaras at the Elysee Palace, Paris, August 25, 2012.
VOA News
French President Francois Hollande says Greece must stay in the European currency union and he has encouraged Greek leaders to make sure economic reforms they enact can be borne by the Greek people.

Hollande met with Greek Prime Minister Antonis Samaras in Paris Saturday to talk about the country's bailout plan. The French president said Greece must demonstrate the credibility of its plan for relieving its economic woes.

Samaras said Saturday he is confident Greece will remain in the eurozone. However, he has been telling fellow European leaders that Greece must have more time to put into effect the big spending cuts that the EU insists upon in return for financial assistance.

The meeting in Paris followed Samaras' talks in Berlin on Friday German Chancellor Angela Merkel. Both she and Hollande say they will await a progress report on Greece's reform efforts, due next month, before deciding on Athens' request for up to two more years to meet its financial goals.

The German and French leaders both say they want Greece to stay in the eurozone.

Auditors from the European Union, the International Monetary Fund (IMF) and the European Central Bank will prepare the Greek progress report, and their conclusions could have an impact on the timing of the bailout package.

The current assistance plan by the EU and IMF, valued at slightly more than $160 billion, obliges Athens to put sweeping economic reforms in effect and slash domestic spending by about $13 billion in 2013 and 2014.

Despite 23 percent unemployment and a fifth year of recession in Greece, Samaras says his government can keep functioning until October, but the country's future solvency depends on the bailout package.

Finance ministers of the eurozone countries are to meet in Luxembourg on October 8, 10 days before European heads of state and government meet in Brussels.

You May Like

UN Watchdog Urges Israel to Probe Possible Gaza War Crimes

More than 2,100 Palestinians, most of them civilians, were killed in a 51-day war in Gaza, along with 67 Israeli soldiers and six civilians in Israel More

New Kenyan 'Thin SIMs' Poised to Transform African Mobile Money

Equity's new technology is approved in African nation for one-year trial, though industry leader Safaricom says thin SIMs could lead to data theft and fraud More

Solar's Future Looks Brighter

New technology and dropping prices are contributing to a surge in solar power More

This forum has been closed.
Comment Sorting
Comments
     
by: Rob Swift from: Great Britain
August 27, 2012 9:15 AM
The economic base was always okay, but what happened was - same as here in Britain - the relations of production came to be in conflict with the means of production. Too many bureaucrats , old school boys, and bankers at the top. So with so many parasites and passengers in the driving seats, governments decided to dismantle the means of production, and take the motor out of it all to save a bit on fuel. All those levers of power are not connected to anything, and without the motor it's not going anywhere. At a time of change nothing moves. Sooner rather than later Germany and France will have to ditch the euro and get something moving again..


by: Mike from: California
August 25, 2012 9:03 PM
If Greece does not exit, then Germany will have to carry their growing debt. There is NO other known solution. According to The Economist magazine, the Greek government has not reduced its very bloated headcount even yet. They simply refuse to act.

Eventually, Italy and Spain will learn that they too do not have to reform their economies. And Germany will have to carry their debt too. This is crazy.

Everyone expects that Greece will exit the euro, so the actual fact will not be an economic or political shock. The exit would shock Italy, Spain, and Portugal into much needed reform. The EU would benefit in the long-run.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Talks to Resume on Winter Gas for Ukrainei
X
Al Pessin
October 25, 2014 4:21 PM
Ukrainian and Russian officials will meet again next week in an effort to settle their dispute over natural gas supplies that threatens to leave Ukraine short of heating fuel for the coming winter. VOA’s Al Pessin reports from London the dispute is complex, and has both economic and geopolitical dimensions.
Video

Video Talks to Resume on Winter Gas for Ukraine

Ukrainian and Russian officials will meet again next week in an effort to settle their dispute over natural gas supplies that threatens to leave Ukraine short of heating fuel for the coming winter. VOA’s Al Pessin reports from London the dispute is complex, and has both economic and geopolitical dimensions.
Video

Video Smugglers Offer Cheap Passage From Turkey to Syria

Smugglers in Turkey offer a relatively cheap passage across the border into Syria. Ankara has stepped up efforts to stem the flow of foreign fighters who want to join Islamic State militants fighting for control of the Syrian border city of Kobani. But porous borders and border guards who can be bribed make illegal border crossings quite easy. Zlatica Hoke has more.
Video

Video China Political Meeting Seeks to Improve Rule of Law

China’s communist leaders will host a top level political meeting this week, called the Fourth Plenum, and for the first time in the party’s history, rule of law will be a key item on the agenda. Analysts and Chinese media reports say the meetings could see the approval of long-awaited measures aimed at giving courts more independence and include steps to enhance an already aggressive and high-reaching anti-corruption drive. VOA’s Bill Ide has more from Beijing.
Video

Video After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Video

Video Kobani Refugees Welcome, Turkey Criticizes, US Airdrop

Residents of Kobani in northern Syria have welcomed the airdrop of weapons, ammunition and medicine to Kurdish militia who are resisting the seizure of their city by Islamic State militants. The Turkish government, however, has criticized the operation. VOA’s Scott Bobb reports from southeastern Turkey, across the border from Kobani.
Video

Video US ‘Death Cafes’ Put Focus on the Finale

In contemporary America, death usually is a topic to be avoided. But the growing “death café” movement encourages people to discuss their fears and desires about their final moments. VOA’s Jerome Socolovsky reports.
Video

Video Ebola Orphanage Opens in Sierra Leone

Sierra Leone's first Ebola orphanage has opened in the Kailahun district. Hundreds of children orphaned since the beginning of the Ebola outbreak face stigma and rejection with nobody to care for them. Adam Bailes reports for VOA about a new interim care center that's aimed at helping the growing number of children affected by Ebola.

All About America

AppleAndroid

World Currencies

EUR
USD
0.7893
JPY
USD
107.68
GBP
USD
0.6238
CAD
USD
1.1214
INR
USD
61.185

Rates may not be current.