News / Europe

French, German Leaders Agree on European Debt Plans

German chancellor Angela Merkel, right, and French President Nicolas Sarkozy talk to the media after a meeting on the financial crisis in Berlin, Germany, Sunday, Oct. 9, 2011.
German chancellor Angela Merkel, right, and French President Nicolas Sarkozy talk to the media after a meeting on the financial crisis in Berlin, Germany, Sunday, Oct. 9, 2011.
Lisa Bryant

French and German leaders say they will present plans to stabilize the crisis-stricken eurozone by the end of the month. The agreement by Europe's two economic powerhouses comes ahead of a key Group of 20 summit early next month.

At a news conference in Berlin with German Chancellor Angela Merkel, French President Nicolas Sarkozy said the two leaders agreed on ways to halt the debt crisis spreading across the 17 nations sharing the euro currency.

Mr. Sarkozy said the measures include recapitalizing shaky European banks, which he said is critical to ensure that the European economy grows and prospers.

The latest bank to be hit by the financial crisis is the Franco-Belgium bank Dexia. The French, Belgium and Luxembourg governments reached agreement Sunday to dismantle the bank.

Mr. Sarkozy said Paris and Berlin are waiting for a report by financial experts on Greece's progress in implementing key reforms in order to receive another installment of bailout funds. But he said the two nations agreed on finding a lasting and global response to the debt crisis.

The crisis that has hit both shaky European economies like Greece and Portugal and a number of European banks that have lent them money has sparked growing alarm, not only in Europe but also overseas. U.S. President Barack Obama has urged the Europeans to come up with a plan to resolve the spreading crisis before an early November summit of the Group of 20 leading economies.

Mr. Sarkozy vowed that Europe will have resolved its problems before the G20 summit, which takes place in the French resort town of Cannes. European leaders are certain to be discussing ways to do so when they meet in Brussels later this month.

You May Like

For Lebanon-based Refugees, Desperation Fuels Perilous Passage

In a war that has caused an estimated three million people to flee Syria, efforts to make perilous sea journey in search of asylum expected to increase More

South African Brewer Tackles Climate Change

Mega-brewer SAB Miller sent delegates to climate summit in Peru, says it is one of many private companies taking their own steps to fight climate change More

Indonesia Reports Increase in Citizens Joining Islamic State

Officials say more than 350 of its citizens are now in Syria or Iraq to fight with Islamic State - 50 more than last month More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Refugees Living in Kenya Long for Peace in the Home Countriesi
X
December 16, 2014 2:14 PM
Kenya is host to numerous refugees seeking safe haven from conflict. Immigrants from Somalia face challenges in their new lives in Kenya. Ahead of International Migrants Day (December 18) Lenny Ruvaga has more for VOA News from the Kenyan capital.
Video

Video Refugees Living in Kenya Long for Peace in the Home Countries

Kenya is host to numerous refugees seeking safe haven from conflict. Immigrants from Somalia face challenges in their new lives in Kenya. Ahead of International Migrants Day (December 18) Lenny Ruvaga has more for VOA News from the Kenyan capital.
Video

Video Turkey's Authoritarianism Dismays Western Allies

The Turkish government has been defiant in the face of criticism at home and abroad for its raids targeting opposition media. The European Union on Monday expressed dismay after President Recep Tayyip Erdogan lashed out at Brussels for criticizing his government's action. Turkey's bid to be considered for EU membership has been on hold while critics accuse the NATO ally of increasingly authoritarian rule. Zlatica Hoke reports.
Video

Video US-China Year in Review: Hong Kong to Climate Change

The United States is pushing for a code of conduct to resolve territorial disputes in the South China Sea as it works to improve commercial ties with Beijing. VOA State Department correspondent Scott Stearns reports on a year of U.S. policy toward China from Hong Kong to climate change.
Video

Video Japanese Leader’s Election Win Raises Potential for Conflict with Neighbors

Japan’s Prime Minister Shinzo Abe and his allies easily won a two-thirds majority in parliament Sunday, even though the country has slipped into recession under his conservative policies. VOA’s Brian Padden reports from Seoul, that the prime minister’s victory will empower him to continue economic reforms but also pursue a nationalist agenda that will likely increase tensions with Japan’s neighbors.
Video

Video Nuba Mountain Families Hide in Caves to Escape Aerial Bombings

Despite ongoing peace talks between Sudan's government and the rebel Sudan People’s Liberation Movement-North, or SPLM-N, daily aerial attacks continue in South Kordofan province’s Nuba Mountains. Adam Bailes was there and reports for VOA that government forces are targeting civilian areas, rather than military positions, with their daily bombardments.
Video

Video Indonesian Province to Expand Sharia Law

Indonesia has the world’s largest Muslim population and a legal system based on Dutch civil law and Indonesian government regulations. But in a 2001 compromise with separatists, Aceh province in Sumatra island’s north was allowed to implement Sharia law. Since then, religious justice has become increasingly strict. VOA correspondent Steve Herman reports from Banda Aceh.
Video

Video Some Russian Businesses Thrive in Poor Economy

Capital flight, the fall in oil prices and Western sanctions are pushing Russia's staggering economy into recession. But not companies are suffering. The ruble’s drop in value has benefited exporters as well as businesses targeting increasingly frugal customers. VOA's Daniel Schearf reports from Moscow.

All About America

AppleAndroid