French President, Nicolas Sarkozy and German Chancellor
Angela Merkel said on Monday that economic growth should
be emphaszied by all of the 17 European nations that use
the Euro currency to stem the debt crisis that ravaged
the contingent in the past year.
The two leaders urged Greece to speed up talks with its
private creditors on how to best restructure Greece's
debt so that it can get a new $169 billion bailout
package. It is the second bailout package in two years
and would sllow the country to avoid defaulting.
Failing to come to an agreement in the talks, Greece would
not receive the next bailout funds. Medkel and Sarkzoy
believe that Greece should remain in the euro currency
bloc.
Merkel is set to discuss Greece's future with International
Monetary Fund head Christine Lagarde today. Last week
Prime Minister Lucas Papadermos told labor unions an
business leaders that if talks fail through, Greece may
be afflicted with a "disorderly default".
Austerity measures have been implemented across several
European nations particularly Greece. Fisacl consolidation
and sound finances are one leg on which Europe's financial
future must be built. The second leg is the economic
growth, jobs and employment Merkel stated.
The eurozone has been hit hard over fears regarding the
economies of relatively small nations, including Ireland,
Portugal, Greece and Italy.
Sheila McKinney
