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Merkel, Sarkozy reach deal on Greek debt

Other News Materials 21 July 2011 06:35
French President Nicolas Sarkozy and German Chancellor Angela Merkel reached an agreement on a second bailout for Greece
Merkel, Sarkozy reach deal on Greek debt

French President Nicolas Sarkozy and German Chancellor Angela Merkel reached an agreement on a second bailout for Greece, German government spokesman Steffen Seibert said early Thursday.

The resolution of difference between the eurozone's largest economies smooths the way for Thursday's summit meeting of the currency area's leaders in Brussels to potentially hammer out a deal in hopes of shoring up the reeling Greek economy, which has unnerved markets about the health of the rest of the eurozone, dpa reported.

The French and German leaders had already been meeting for two hours late Wednesday when European Central Bank President Jean-Claude Trichet unexpectedly arrived and joined the talks, which continued for another two hours until around midnight.

Merkel has advocated that private lenders be required to take part in the new Greek bailout package. Sarkozy and Trichet have argued that private participation must be voluntary.

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