Berlin, Paris vow new crisis plan as global pressure builds

Noah Barkin Reuters 10/09/2011 14:53

The leaders of Germany and France have promised to unveil new measures to solve the euro zone's debt crisis by the end of the month, as international pressure builds for bold steps from Europe to avert an economic backlash of global proportions.

German Chancellor Angela Merkel and French President Nicolas Sarkozy said after talks in Berlin on Sunday evening that their goal was to come up with a sustainable answer for Greece's woes, agree how to recapitalise European banks and present a plan for accelerating economic coordination in the euro zone by a G20 summit in Cannes on November 3-4.

But they declined to reveal any details of their plan. As they met, British Prime Minister David Cameron urged them to take a "big bazooka" approach to the crisis, telling the Financial Times that euro zone leaders had to break their cycle of doing "a bit too little, a bit too late."

Merkel and Sarkozy were due to hold a working dinner after their news conference.

"We are very conscious that France and Germany have a particular responsibility for stabilising the euro," Sarkozy said, standing next to Merkel.

"We need to deliver a response that is sustainable and comprehensive. We have decided to provide this response by the end of the month because Europe must solve its problems by the G20 summit in Cannes."

Source

Add your comment Send Print Report