Just as we did too many times in 2008, we are about to enter into a weekend where all eyes are on government officials and their attempt to deal with a major financial problem. All the big European guns are in Frankfurt to settle differences and come to an agreement: Draghi, Trichet, Van Rompuy, Barroso, Schaeuble, Baroin, Juncker, Sarkozy, Merkel, and Lagarde.
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The President and German Chancellor spoke today by telephone to prepare the European dates in the coming days.
The President and the Chancellor have agreed to provide a comprehensive and ambitious global response to the current crisis in the euro area.
This response will include the following:
- The operational implementation of new forms of intervention EFSF.
- A plan to strengthen the capital of European banks.
- The implementation of the economic governance of the euro area and the strengthening of economic integration.
For a lasting solution to the situation in Greece, the Greek authorities will have to make ambitious commitments to address the situation of their economies as part of a new program. Based on the report of the troika and the analysis of debt sustainability Greece, France and Germany call for immediately undertake negotiations with the private sector to reach an agreement for strengthening sustainability.
The President and the Chancellor will meet Saturday night in Brussels ahead of the European Council summit in the euro area on Sunday.
France and Germany have agreed that all elements of this ambitious and comprehensive response will be discussed in depth at the summit on Sunday in order to be finally adopted by the Heads of State and Government at a second meeting later than Wednesday.
Quelle: Calculated Risk
