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article imageEurozone leaders decide on a European Monetary Fund

By Carmen Paun     Jul 21, 2011 in Politics
Brussels - The French President Nicolas Sarkozy told the press on Thursday that the European Financial Stability Facility (EFSF) represents the beginning of a European Monetary Fund.
"Our predecessors who created the Euro did not also create a financial mechanism for it. This is what we are doing now", Sarkozy stated. According to him, the Fund will help the countries facing financial difficulties overcome them and prevent any contagion of other European states using the common currency.
The French President spoke to the press at the end of the special meeting of the heads of states using the Euro currency. The meeting had been convened to address the issue of a second bailout for Greece, whose public debt represents 170% of its GDP. The 17 countries using the Euro agreed to a second bailout of the South European country. "What we are doing for Greece we will not do for any other country in the Eurozone", Sarkozy underlined. "The EFSF is lending money to Greece at the rate the country would refinance itself", the French President concluded.
More about Nicolas sarkozy, Eurozone, Greece, France, European union
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