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.
TEXT SIZE - +
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 Pope Francis Hopes Dual Canonizations Will Reconcile Church

John the XXIII and John Paul II will be made saints in a ceremony at St. Peter’s Square on April 27 More

Thailand Reacts to Plots Targeting Israelis

Authorities hope arrest of two Lebanese suspects will disrupt plot to attack young Israeli tourists More

Video In Capturing Nature's Majesty, Film Makes Case for Its Survival

'Once Upon a Forest' takes viewers deep into heart of tropical rainforest 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.
Pope Francis Hopes Dual Canonizations Will Reconcile Churchi
|| 0:00:00
...
 
🔇
X
Jerome Socolovsky
April 22, 2014 4:14 PM
On April 27, two popes - John the XXIII and John Paul II - will be made saints in a ceremony at St. Peter’s Square. VOA religion correspondent Jerome Socolovsky says the dual canonization is part of the current pope’s program to reconcile liberals and conservatives in the Roman Catholic Church.
Video

Video Pope Francis Hopes Dual Canonizations Will Reconcile Church

On April 27, two popes - John the XXIII and John Paul II - will be made saints in a ceremony at St. Peter’s Square. VOA religion correspondent Jerome Socolovsky says the dual canonization is part of the current pope’s program to reconcile liberals and conservatives in the Roman Catholic Church.
Video

Video In Capturing Nature's Majesty, Film Makes Case for Its Survival

French filmmaker Luc Jacquet won worldwide acclaim for his 2005 Academy Award-winning documentary "March of the Penguins". Now Jacquet is back with a new film that takes movie-goers deep into the heart of a tropical rainforest - not only to celebrate its grandeur, but to make the case for its survival. VOA's Rosanne Skirble reports.
Video

Video Boston Marathon Bittersweet for Many Runners

Monday's running of the Boston Marathon was bittersweet for many of the 36,000 participants as they finished the run that was interrupted by a double bombing last year. Many gathered along the route paid respect to the four people killed as a result of two bombings near the finish line. VOA's Carolyn Presutti returned to Boston this year to follow two runners, forever changed because of the crimes.
Video

Video Pacific Rim Trade Deal Proves Elusive

With the U.S.-led war in Iraq ended and American military involvement in Afghanistan winding down, President Barack Obama has sought to pivot the country's foreign policy focus towards Asia. One aspect of that pivot is the negotiation of a free-trade agreement among 12 Pacific Rim nations. But as Obama leaves this week on a trip to four Asian countries he has found it very difficult to complete the trade pact. VOA's Ken Bredemeier has more from Washington.
Video

Video Robotic Mission Kicks Up Lunar Dust

A robotic mission to the moon was deliberately crashed onto the lunar surface late last week, but not before scientists had collected data gathered by the spacecraft which was designed to self-destruct. VOA's Rosanne Skirble reports on the preliminary findings of the craft, called LADEE - an acronym for Lunar Atmosphere and Dust Environment Explorer.
Video

Video Boko Haram Claims Responsibility for Bombing in Nigerian Capital

The Nigerian militant group known as Boko Haram has claimed responsibility for a bombing in the capital on April 14th that killed 75 people. In the video message, Abubakar Shekau, the man who says he ordered the bombing, says nothing about the mass abduction of more than 100 teenage girls, most of whom are still missing. Heather Murdock has more for VOA from Abuja.
Video

Video Ukraine Developments Hang Over Obama Trip to Asia

President Barack Obama's trip to Asia this week comes as concerns over Beijing's territorial ambitions are growing in the region. Those concerns have been compounded by Russia's recent actions in Ukraine and the possibility that Chinese strategists might be looking to Crimea as a model for its territorial disputes with its neighbors. VOA's Bill Ide has more from Beijing.
Video

Video Autistic Adults Face Housing, Job Challenges

Many parents of children with disabilities fear for the future of their adult child. It can be difficult to find services to help adults with disabilities - physical, mental or emotional - find work or live on their own. The mother of an autistic boy set up a foundation to advocate for the estimated 1.2 million American adults with autism, a developmental disorder that causes communication difficulties and often social difficulties. VOA's Faiza Elmasry reports.
AppleAndroid

World Currencies

EUR
USD
0.7217
JPY
USD
102.17
GBP
USD
0.5949
CAD
USD
1.1009
INR
USD
60.326

Rates may not be current.