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Sarkozy Opposes IMF Loan to Greece, Widens Rift With Germany

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Helene Fouquet
Bloomberg News
Friday, March 19, 2010

March 19 (Bloomberg) — President Nicolas Sarkozy opposes Germany’s call for an International Monetary Fund loan to Greece, a French government official said, pitting the euro area’s biggest members against one another over a rescue plan.

The official, who declined to be named under government ground rules, said Sarkozy favored a European solution to help Greece and said the monetary union must act to restore investor confidence and shrink Greek borrowing costs.

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Sarkozy Opposes IMF Loan to Greece, Widens Rift With Germany 040310banner3

“I want to be very clear: if it were necessary, the states of the euro zone would fulfill their commitments,” Sarkozy said in Paris March 7 after a meeting with Greek Prime Minister George Papandreou. “There can be no doubt in this regard.”

The comments, coming the week before an EU summit in Brussels, follow a shift by German Chancellor Angela Merkel toward an IMF-led package for Greece, which is struggling to reduce Europe’s biggest budget deficit. Merkel said this week that in the absence of a European lender of last resort, calling in the IMF “would probably have to be the way out right now if action were to be taken.”

Full story here.

This article was posted: Friday, March 19, 2010 at 8:17 am





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