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Greece/Euro Area

Published on February 22, 2012
Excerpts from the reply by François Fillon, Prime Minister, to a question in the National Assembly

Paris, February 21, 2012

I welcome the fact that we reached an agreement in Brussels last night at the Economic and Financial Affairs Council. This agreement, which wasn’t easy to secure, allows a total of €237 billion to go to Greece, with private creditors agreeing voluntarily to write off 70% of the debt they are owed.

This means that Europe has clearly opted for solidarity with Greece.
I want to recall that France has fought ever since the beginning of this European crisis for solidarity to prevail, including at a time when not all Europe’s players shared this idea.

The solidarity of the Euro Area is an absolute necessity. It is indeed the only way of combating speculative attacks – which are directed not against Greece but actually against the European currency, due to the place this currency has acquired in the global economy.

Ladies and gentlemen deputies, major efforts are being asked of Greece, it’s true, but hardly more than those being demanded of Portugal or, to a lesser extent, Spain and Italy. Those efforts must not, however, conceal the efforts European taxpayers are going to make in order to show solidarity with the Greek people. (…)./.

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