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

Tunnel Bombs Highlight Savagery of Aleppo Fight

Rebels have used tunneling tactic near government buildings, command posts or supply routes to set off explosives; they detonated their largest bomb this week under Syria's intelligence headquarters More

Sierra Leone Launches New Initiative to Stop Ebola Spread

Government hopes Infection and Prevention Control Units, IPC, will help protect patients and healthcare workers More

UN Official: Fight Against Terrorism Must Not Violate Human Rights

UN High Commissioner for Human Rights says efforts by states to combat terrorism are resulting in large scale rights violations against the very citizens they claim to defend 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.
Video Claims to Show Shia Forces in Iraq Executing Sunni Boyi
X
Jeff Seldin
March 05, 2015 2:36 AM
A graphic mobile phone video is spreading on the Internet, claiming to show Iraqi forces or Shia militia executing a handcuffed Sunni boy. Experts have yet to verify the video, but already Islamic State followers are publicizing it across social media, playing on deep-rooted sectarian fears. VOA’s Jeff Seldin reports.
Video

Video Video Claims to Show Shia Forces in Iraq Executing Sunni Boy

A graphic mobile phone video is spreading on the Internet, claiming to show Iraqi forces or Shia militia executing a handcuffed Sunni boy. Experts have yet to verify the video, but already Islamic State followers are publicizing it across social media, playing on deep-rooted sectarian fears. VOA’s Jeff Seldin reports.
Video

Video Ukrainian Authorities Struggle to Secure a Divided Mariupol

Since last month's cease-fire went into effect, shelling around the port city of Mariupol has decreased, but it is thought pro-Russian separatists remain poised to attack. For the city’s authorities, a major challenge is gaining the trust of residents, while at the same time rooting out informants who are passing sensitive information to the rebels. Patrick Wells reports for VOA.
Video

Video Volunteer Gauge-Watchers Help Fine-Tune Weather Science

An observation system called CoCoRaHS is working to improve weather science, thanks to thousands of volunteers across the country who measure precipitation in their own backyards, then share their data through the Internet. VOA's Shelley Schlender reports.
Video

Video NASA Spacecraft Approaches a Dwarf Planet

NASA’s Dawn spacecraft will make history on Friday, March 6, when it becomes the first man-made object to orbit a dwarf planet named Ceres. It is located in the asteroid belt between Mars and Jupiter, almost 500 million kilometers from Earth. Among other objectives, Dawn will try to examine two mysterious bright white spots detected on the planet’s surface. VOA’s George Putic has more.
Video

Video Young Muslims Radicalized Online

Young Muslims are being radicalized ‘in their bedrooms’ through direct contact with Islamic State or ISIL fighters via the Internet, according to terror experts. There are growing concerns that authorities and Internet providers are not doing enough to counter online extremism - which analysts say is spread by a prolific network of online supporters around the world. Henry Ridgwell reports from London.
Video

Video African Americans Recall 1960s Fight For Voting Rights

U.S. President Barack Obama and thousands of people will gather in the small southern U.S. city of Selma, Alabama, Saturday, March 7 to commemorate the 50th anniversary of a historic voting rights march that became known as “Bloody Sunday." VOA’s Chris Simkins traveled to Alabama and introduces us to some of the foot soldiers of the voting rights struggles of the 1960s.
Video

Video Positive Messaging Transforms Ethiopia's Image

Ethiopia was once known for famine and droughts. Now, headlines more often point to its fast-growing economy and its emergence as a regional peacemaker. How has Addis Ababa changed the narrative? VOA's Marthe van der Wolf reports.
Video

Video Cyber War Rages Between Iran, US

A newly published report indicates Iran and the United States have increased their cyber attacks on each other, even as their top diplomats are working toward an agreement to guarantee Iran does not develop a nuclear weapon and to free Iran from international sanctions. The development is part of a growing global trend. VOA’s Al Pessin reports from London.
Video

Video Answers Elude Families of MH370 Passengers

For the families on board Malaysia Airlines flight MH370, an airline official’s statement nearly one year ago that the plane had lost contact with air traffic control at 2:40 AM is the only thing that remains confirmed. William Ide reports.

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

World Currencies

EUR
USD
0.8954
JPY
USD
119.75
GBP
USD
0.6515
CAD
USD
1.2518
INR
USD
61.921

Rates may not be current.