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Greece/rescue packages

Published on May 4, 2010
Working meeting on the implementation of the European Greek support plan and situation of the financial markets – Communiqué issued by the Presidency of the Republic

Paris, May 1, 2010

Immediately on his return from China, President Sarkozy held on 1 May 2010 a working meeting on the implementation of the European Greek support plan and situation of the financial markets, attended by François Fillon, Prime Minister, Bernard Kouchner, Minister of Foreign and European Affairs, Mme Christine Lagarde, Minister for the Economy, Industry and Employment, François Baroin, Minister for the Budget, Public Accounts and Administrative Reform, Pierre Lellouche, Minister of State responsible for European Affairs, and Christian Noyer, Governor of the Banque de France.

President Sarkozy welcomed the progress achieved on negotiating an agreement between the Greek authorities, European Commission and IMF with a view to activating the European Greek support plan, in accordance with the mechanism established at the last European Council. He reported on the situation regarding the parliamentary procedure for approving the amending finance act allowing the establishment in France of a bilateral loan to Greece, coordinated with the other Euro Area States. Parliament is scheduled to vote in the course of next week on the amending finance bill which the Council of Ministers adopted on 21 April 2010.

He reiterated that the aim of the Europe Area member States’ support was to put an end to the speculation and ensure the stability of the Euro Area.

Before the meeting President Sarkozy had talked to Chancellor Angela Merkel. President Sarkozy and the Chancellor noted that their views were identical and reaffirmed their determination to act fast to implement the support programme as soon as a three-year programme has been concluded between the Greek authorities, European Commission and IMF.
They agreed to go on actively working on strengthening Euro Area stability and regulating the financial markets. They will take initiatives in the next few days so that Europe strengthens the surveillance mechanisms within the Euro Area, speeds up its work on combating speculation and improving the transparency of derivatives, and puts forward new proposals on regulating the rating agencies./.

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