sarkozy merkel and monti to meet on debt crisis
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Sarkozy, Merkel and Monti to meet on debt crisis

Egypt Today, egypt today

Egypt Today, egypt today Sarkozy, Merkel and Monti to meet on debt crisis

Strasbourg - AFP

The leaders of the eurozone's three largest economies are due to meet Thursday in a bid to resolve their differences over how to handle Europe's critical debt crisis. President Nicolas Sarkozy of France will host Chancellor Angela Merkel of Germany and Italy's Prime Minister Mario Monti -- who took office last week after concerns over Rome's reform plans forced out his predecessor Silvio Berlusconi. Together they will seek ways to "accelerate" the 17-nation bloc's bid to calm bond markets by undertaking reforms of its financial governance, as the crisis threatens to spread to Spain and the eurozone core. Sarkozy has an additional goal: with five months to go before he seeks re-election he has staked his credibility on France keeping its top AAA credit rating, despite warnings from agencies that it is under threat. Germany, still seen as the strongest eurozone economy, has so far escaped the fury of the markets but its long term economic health depends on its EU trading partners reducing their deficits and stabilising the economy. France has talked up the Strasbourg meeting, which Sarkozy's Prime Minister Francois Fillon has dubbed "very important", but Monti dampened expectations, calling it "a very informal working visit" with "no agenda". Italy has criticised what deputy central bank governor Fabrizio Saccomanni complained is France's and Germany's dominance in the handling of the crisis, and former EU commissioner Monti has called for a European response. Under Monti's gaffe-prone predecessor Berlusconi, Italy lost much of the status that goes with being a G8 member and the eurozone's third biggest economy, as it struggles under 1.9 trillion euros in debt. By meeting with Merkel and Sarkozy in Strasbourg, one day after talks with EU leaders in Brussels, Monti hopes to regain some of Rome's influence. But France and Germany are far from united in their approach. On Wednesday, Sarkozy's Finance Minister Francois Baroin repeated his call for Germany to relax its opposition to authorising the European Central Bank to declare itself Europe's lender of last resort. France -- and many other eurozone members -- feels that, if the ECB is allowed to monetise sovereign debt, its almost unlimited resources would finally end market speculation about potential defaults. But Germany, with its bitter memories of inter-war hyperinflation, remains adamantly opposed to any measure that would appear to be simply printing more euros, undermining ECB independence and its inflation-busting mandate. Germany is sticking by an agreement hammered out in Brussels on October 26 and 27 to expand the powers and capital of the European Financial Stability Facility -- designed as a bail-out fund but too small to protect Italy. Paris still hopes that Germany will back down over the ECB if the crisis worsens, despite Merkel's many public protestations to the contrary.  

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

sarkozy merkel and monti to meet on debt crisis sarkozy merkel and monti to meet on debt crisis



GMT 15:49 2011 Friday ,10 June

Oil firm wins injunction against Greenpeace

GMT 10:27 2015 Monday ,06 July

Mini to launch ‘Clubman’ in 2016

GMT 17:21 2011 Wednesday ,23 February

Lampard Desperate To Win The Champions League

GMT 10:13 2018 Tuesday ,09 January

Barcelona to unveil 160m Coutinho

GMT 23:03 2017 Monday ,16 January

Bank of Korea: Money Production Cost Rise in 2016

GMT 20:33 2011 Friday ,06 May

Asad\'s army arrests all men over 15 in Daraa

GMT 11:55 2011 Tuesday ,29 November

Ultrabooks could save the PC

GMT 13:02 2012 Saturday ,01 September

Zombies and Morons compete

GMT 07:31 2017 Tuesday ,20 June

Sisi keen on attaining unity

GMT 11:50 2015 Saturday ,26 September

The Library of Fragrance announces January launches

GMT 06:28 2014 Saturday ,18 October

Asian Junior Volleyball tourney kicks off in Bahrain
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday