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

Video One Year After Thai Coup, No End in Sight for Military Rule

Since carrying out the May 22, 2014 coup, the general has retired from the military but is still firmly in charge More

Video Afghan Economy Sinks As Troops Depart

Afghans are grappling with how exodus will affect country's fragile economy More

Video Scientists Say We Need Softer Robots

Today’s robots are mostly hard, rigid machines, with sharp edges and forceful movements, but researchers at Carnegie Mellon University say they should be softer and therefore safer 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.
Turkey's Main Opposition Party Hopes for Election Breakthroughi
X
May 22, 2015 10:23 AM
Turkey’s main opposition Republican People’s Party has sought an image change ahead of the June 7 general election. The move comes after suffering successive defeats at the hands of the Islamist-rooted AK Party, which has portrayed it as hostile to religion. Dorian Jones reports from the western city of Izmir.
Video

Video Turkey's Main Opposition Party Hopes for Election Breakthrough

Turkey’s main opposition Republican People’s Party has sought an image change ahead of the June 7 general election. The move comes after suffering successive defeats at the hands of the Islamist-rooted AK Party, which has portrayed it as hostile to religion. Dorian Jones reports from the western city of Izmir.
Video

Video Europe Follows US Lead in Tackling ‘Conflict Minerals’

Metals mined from conflict zones in places like the Democratic Republic of Congo are often sold by warlords to buy weapons. This week European lawmakers voted to force manufacturers to prove that their supply chains are not inadvertently fueling conflicts and human rights abuses. Henry Ridgwell reports from London.
Video

Video Class Tackles Questions of Race, Discrimination

Unrest in some U.S. cities is more than just a trending news item at Ladue Middle School in St. Louis, Missouri. As VOA’s Kane Farabaugh reports, it’s a focus of a multicultural studies class engaging students in wide-ranging discussions about racial tensions and police aggression.
Video

Video Mind-Controlled Prosthetics Are Getting Closer

Scientists and engineers are making substantial advances towards the ultimate goal in prosthetics – creation of limbs that can be controlled by the wearer’s mind. Thanks to sophisticated sensors capable of picking up the brain’s signals, an amputee in Iceland is literally bringing us one step closer to that goal. VOA’s George Putic reports.
Video

Video Afghan Economy Sinks As Foreign Troops Depart

As international troops prepare to leave Afghanistan, and many foreign aid groups follow, Afghans are grappling with how the exodus will affect the country's fragile economy. Ayesha Tanzeem reports from the Afghan capital, Kabul.
Video

Video Poverty, Ignorance Force Underage Girls Into Marriage

The recent marriage of a 17-year old Chechen girl to a local police chief who was 30 years older and already had a wife caused an outcry in Russia and beyond. The bride was reportedly forced to marry and her parents were intimidated into giving their consent. The union spotlighted yet again the plight of many underage girls in developing countries. Zlatica Hoke reports poverty, ignorance and fear are behind the practice, especially in Asia and Africa.
Video

Video South Korea Marks Gwangju Uprising Anniversary

South Korea this week marked the 35th anniversary of a protest that turned deadly. The Gwangju Uprising is credited with starting the country’s democratic revolution after it was violently quelled by South Korea’s former military rulers. But as Jason Strother reports, some observers worry that democracy has recently been eroded.
Video

Video California’s Water System Not Created To Handle Current Drought

The drought in California is moving into its fourth year. While the state's governor is mandating a reduction in urban water use, most of the water used in California is for agriculture. But both city dwellers and farmers are feeling the impact of the drought. Some experts say the state’s water system was not created to handle long periods of drought. Elizabeth Lee reports from Ventura County, an agricultural region just northwest of Los Angeles.
Video

Video How to Clone a Mammoth: The Science of De-Extinction

An international team of scientists has sequenced the complete genome of the woolly mammoth. Led by the Swedish Museum of Natural History in Stockholm, the work opens the door to recreate the huge herbivore, which last roamed the Earth 4,000 years ago. VOA’s Rosanne Skirble considers the science of de-extinction and its place on the planet
Video

Video Blind Boy Defines His Life with Music

Cole Moran was born blind. He also has cognitive delays and other birth defects. He has to learn everything by ear. Nevertheless, the 12-year-old has had an insatiable love for music since he was born. VOA’s June Soh introduces us to the young phenomenal harmonica player.

VOA Blogs

World Currencies

EUR
USD
0.8982
JPY
USD
121.07
GBP
USD
0.6376
CAD
USD
1.2215
INR
USD
63.612

Rates may not be current.