The French President's position is very uncomfortable on the eve of a Summit that will be, once more, monopolized by the Greek crisis. A few days a resounding electoral failure, Nicolas Sarkozy would have everything to gain from a European Agreement clearly posing conditions for aid to the Greece. But the pressure of the Germany is very strong and there is no indication that the French negotiators will be able to lift its reservations.
The head of State, which has been unusually quiet since attacks on Greek debt financial markets have developed evil European unity has already renounced exclusively European support for the Government of George Papandreou. It was however, as he had pointed at the end of his interview with the latter, on 7 March in Paris: "logic, he then said, is that a member country of the euro by speculation must first rely on other countries.". This is no longer the opinion of the Germany, who have supported this theory eventually left Athens to turn to the IMF.
Credibility of the euro area
But times have changed. Today, Paris would be resigned to consider a mechanism of support including the IMF. After all, the Latvia and the Hungary received aid joint IMF and Europe. But on a condition: that Europe is the driver for this device. This would put an end to the drift of the euro, to which the Germany was so attached. Failing this, the European Union would pay his lack of solidarity and the euro area could be sustainably destabilized. It would not have known to demonstrate its ability to manage its first major financial crisis.
The mortgage of recourse to the IMF being thrown, it remains to define the degree of involvement of the Germany in bilateral loans which accompanied a European Agreement. It's been weeks that German officials are increasing the inflammatory statements against the Greece, refusing to pay the lower euro or even give their security to a Greek loan. Yesterday, the MP CDU Michael Meister, indicated that "If the France wants an agreement to help the Greece to the European Summit, it should provide assistance by itself and does not wait for the Germany it do the same." In the spirit of the German authorities, largely relayed yesterday by the German, press the granting of loans on the part of the German Government would be contemplated only in the event that the Greece could refinance to financial markets. This is not as well as Paris is considering support to Athens.
Another point to resolve, the strengthening of budgetary discipline in Europe. Paris and Berlin could agree on this point because the two capitals the consider now indispensable. European leaders are considering to use the Lisbon Treaty articles to put in place new mechanisms of sanctions including, as a last resort, the threat to bring out a State of the euro zone if it deviated too systematically to the common rule. If the terms of an agreement are stopped until this afternoon, the Eurogroup leaders may meet in Summit in curtain of the top official to burn in the marble this compromise. If the disagreement persists, Herman Van Rompuy, the President of the Council of the European Union would convene the heads of State this evening, at the end of the official Summit of the twenty-seven.
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