Franco-German agreement on aid to Greece
Last-minute agreement. The France and Germany were finally heard, just before the opening of the Council of Heads of State and Government in Brussels on financial aid to Greece. This text opens the way for a Council decision.
The agreement provided a budget of 22 billion euros "as a last resort," said Berlin, who blocked until Thursday morning discussions. Clearly, the assistance will be released in case of inability to Athens normally finance markets.
The Elysee said the text calls for "a European framework consists of coordinated bilateral loans which Member States would have to contribute", the International Monetary Fund (IMF) financing through additional loans.Supplement "substantial," said his side the German government source cheapest personal loan rates .
Meeting face-to-head between Nicolas Sarkozy and Angela Merkel on Thursday afternoon, "has been productive," according to the French presidency. "It has reached agreement on a text of a page and a half, which describes very precisely the conditions under which countries in the euro area might have to intervene."
The text must still be submitted to the President of the European Union, Belgium's Herman Van Rompuy. He will return, said the Elysee, "choose the time at which it will distribute the text to other members of the Euro so they can study it, before or after dinner of European leaders.
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