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

Obama: Alaskans Feel Signs of Climate Change

They're seeing bigger storm surges as sea ice melts, more wildfires, erosion of glaciers, shorelines More

Katrina Brought Enduring Changes to New Orleans

The city’s recovery is the result of the people and culture the city is famous for, as well as newcomers and start-up industries More

Magical Photo Slides Show Native Americans in Late 1800s

Walter McClintock spent 20 years photographing the Blackfoot Indians and their vanishing culture at the dawn of the modern age 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.
Colombians Flee Venezuela as Border Crisis Escalatesi
X
August 27, 2015 2:08 AM
Hundreds of Colombians have fled Venezuela since last week, amid an escalating border crisis between the two countries. Last week, Venezuelan President Nicolas Maduro ordered the closure of a key border crossing after smugglers injured three Venezuelan soldiers and a civilian. The president also ordered the deportation of Colombians who are in Venezuela illegally. Zlatica Hoke reports.
Video

Video Colombians Flee Venezuela as Border Crisis Escalates

Hundreds of Colombians have fled Venezuela since last week, amid an escalating border crisis between the two countries. Last week, Venezuelan President Nicolas Maduro ordered the closure of a key border crossing after smugglers injured three Venezuelan soldiers and a civilian. The president also ordered the deportation of Colombians who are in Venezuela illegally. Zlatica Hoke reports.
Video

Video Is China's Economic Data Accurate?

Some investors say China's wild stock market gyrations have been made worse by worries about the reliability of that nation's economic data. And some critics say the reports can mislead investors by painting an unrealistically-strong picture of the economy. A key China scholar says Beijing is not fudging ((manipulating)) the numbers, but that the economy is evolving quickly from smoke-stack industries to services, and the ways of tracking new economic activity are falling behind the change. V
Video

Video Next to Iran, Climate at Forefront of Obama Agenda

President Barack Obama this week announced new initiatives aimed at making it easier for Americans to access renewable energy sources such as solar and wind. Obama is not slowing down when it comes to pushing through climate change measures, an issue he says is the greatest threat to the country’s national security. VOA correspondent Aru Pande has more from the White House.
Video

Video Shipping Containers Provide Experimental Housing

Housing prices around the San Francisco Bay area are out of reach for many people, so some young entrepreneurs, artists and tech industry workers are creating their own houses using converted shipping containers. But as VOA's Mike O’Sullivan reports from Oakland, the effort requires ingenuity and dealing with restrictive local laws.
Video

Video Arctic Draws International Competition for Oil

A new geopolitical “Great Game” is underway in earth’s northernmost region, the Arctic, where Russia has claimed a large area for resource development and President Barack Obama recently approved Shell Oil Company’s test-drilling project in an area under U.S. control. Greg Flakus reports.
Video

Video Philippine Maritime Police: Chinese Fishermen a Threat to Country’s Security

China and the Philippines both claim maritime rights in the South China Sea.  That includes the right to fish in those waters. Jason Strother reports on how the Philippines is catching Chinese nationals it says are illegal poachers. He has the story from Palawan province.
Video

Video Technique May Eliminate Drill-and-Fill Dental Care

Many people dread visiting dentists because they're afraid of drills. Now, however, a technology developed by a British firm promises to eliminate the need for mechanical cleaning of dental cavities by speeding a natural process of tooth repair. VOA’s George Putic reports.
Video

Video China's Spratly Island Building Said to Light Up the Night 'Like A City'

Southeast Asian countries claim China has illegally seized territory in the Spratly islands. It is especially a concern for a Philippine mayor who says Beijing is occupying parts of his municipality. Jason Strother reports from the capital of Palawan province, Puerto Princesa.
Video

Video Ages-old Ice Reveals Secrets of Climate Change

Ice caps don't just exist at the world's poles. There are also tropical ice caps, and the largest sits atop the Peruvian Andes - but it is melting, quickly, and may be gone within the next 20 years. George Putic reports scientists are now rushing to take samples to get at the valuable information about climate change locked in the ice.
Video

Video French Experiment in Integrating Roma Under Threat

Plans to destroy France’s oldest slum have sparked an outcry on the part of its Roma residents. As Lisa Bryant reports from the Paris suburb of La Courneuve, rights groups argue the community is a fledgling experiment on integrating Roma who are often outcasts in many parts of Europe.
Video

Video Kenyans Turn to Agriculture for Business

Each year Kenyan universities continue to churn out graduates for the job market despite the already existing high rate of unemployment among youth in the country. Some of these young men and women have realized that agriculture can be as rewarding as any other business or job, and they are resorting to agribusiness in large numbers as a way of tackling unemployment. Rael Ombuor reports for VOA.
Video

Video First Women Graduate Elite Army Ranger School

Two women are making history for the U.S. Army by proving they are among the toughest of the tough. VOA's Carla Babb reports from Fort Benning, Georgia as 94 men and those two women rise as graduates of the difficult Ranger school.

VOA Blogs

World Currencies

EUR
USD
0.8874
JPY
USD
120.83
GBP
USD
0.6497
CAD
USD
1.3271
INR
USD
66.162

Rates may not be current.