Paris, November 1, 2011
President Sarkozy and the Chancellor had a telephone conversation today to discuss the implementation of the decisions adopted at the Euro Area summit of 27 October, following yesterday’s announcement by the Greek Prime Minister.
France and Germany are determined to ensure with their European partners the full implementation, as soon as possible, of the decisions adopted at the summit, which are today more necessary than ever.
Regarding Greece, the summit agreed on the establishment of a new, multiannual European Union and IMF aid package to Greece, envisaging financing of €100 billion. An agreement was also reached with the private sector enabling the Greek debt to be brought back onto a sustainable path in a voluntary capacity, thanks to a cancellation of 50% of the debt held by private creditors – that is, a debt write-down of about €100 billion. The Euro Area member states declared their readiness to contribute to all the measures relating to the private sector’s involvement to the tune of €30 billion.
France and Germany are convinced that this agreement will enable Greece to return to lasting growth. France and Germany hope that, during consultations with their European partners and the IMF, a road map can be swiftly decided upon to ensure the agreement is implemented.
President Sarkozy and the Chancellor agreed to meet in Cannes in the afternoon of Wednesday, 2 November for a consultation meeting with the European institutions and the IMF and for a meeting with the Greek authorities, in order to take all the necessary measures to implement as swiftly as possible the agreement reached in Brussels on 27 October./.