Mon, May 28, 2012, 11:46 AM EDT - U.S. Markets closed for Memorial Day

France: Europe should help Greece

French premier says Europe should honor its commitments to help Greece with debt deals

BERLIN (AP) -- A spokesman for German Chancellor Angela Merkel says she, together with the leaders Italy and Greece, are "optimistic" that a second massive bailout for Greece can be agreed next week.

The statement from Steffen Seibert comes after Merkel, Italian Prime Minister Mario Monti and Greece's Premier Lucas Papademos held a conference call earlier Friday.

The 17 finance ministers of the countries that use the euro are meeting Monday to discuss the bailout.

Seibert's comment is the strongest indication yet that the meeting will bring some tangible decisions on the €130 billion ($171 billion) rescue for Greece as well as a related €100 billion ($132 billion) debt relief from private investors.

Stock markets and the euro have rallied Friday on hopes of a deal being clinched.

 

75 comments

  • Ian Denn  •  Copenhagen, Denmark  •  3 months ago
    Yes we should keep throwing money into a black hole so the bankers can be happy and sucking us dry for the next million years.Its all clear to me now. lets vote.
  • A Yahoo! User  •  Dalton, Georgia  •  3 months ago
    I wonder if the French Prime Minister would feel differently if French banks didn't own so much Greek debt? Also, why do Greeks think work is humiliating?
    • wings 3 months ago
      The reitrement age in Greece is 55. That's FARRRRR too young. It isn't any wonder the country is in financial straits. Stop lending..they can't get out of the black hole they're in. They WILL default, no doubt about it. I think the rest of the world should stop throwing good money after bad.
    • too cool 3 months ago
      Greeks dont think work is humilating ,why is it whenever a Greek goes abroad he conquers,if you were sitting In Greece with their lame government I wonder how hard you would work,a Greek will work harder than a Germanor a Dutchman,on any given day of the year.
    • joe 3 months ago
      The deal they are getting is a default.
  • John Galt  •  3 months ago
    France's banks are on the hook for billions - do you think there is a little self interest here? They want Germany to pay for the risky loans their banksters handed out like candy.
  • Gary  •  Phoenix, Arizona  •  3 months ago
    time for the Greeks to learn adult behavior and take some responsibility
    • wings 3 months ago
      Exactly, Gary!!!! It's very simple math. If you already owe $50. then borrow a further $50., that means you're $100. in the hole. This is village idiots' math, yet they can't see it!!!!
    • Asian Dragon 3 months ago
      The math is simple..! But, they are greedy. Their principle is that they can sail their boats forever. USA fund over 30% of IMF money. That means, we American pay for the Greeks to continue their sailing of their boats.
    • LEONIDAS 3 months ago
      Rest assure that this is no free bailout it is a loan which has to be paid back with intrest.No free lunch in this world.
  • tai yean  •  Kuala Lumpur, Malaysia  •  3 months ago
    What a wonderful life in Greece. Population 11 millions , Bail Out 130 Billions Euro , Every Greek gets 12000 Euro for one year average. My lower income worker here would need to work 285 days a year for 2.5 years to get that kind of money. ( I hope these disease doesn't come to my country. )
  • tai yean  •  Kuala Lumpur, Malaysia  •  3 months ago
    As predicted "Just like 50s western cowboy movies" Calvary to the rescue. eventually EU will bail Greece out. The politicians saves their own hide by being generous with other's money.
  • Diver  •  New York, New York  •  3 months ago
    I can't take the suspence any longer. Either bail Greece out or throw them out of the EU already.
    • wjmdurham 3 months ago
      Throw them out. Let them live on their own dime until they scrap the socialist garbage and become the hard working, and industrious nation they once were and then let them come back after a thorough audit.
    • Katy C 3 months ago
      The default has to be somewhat orderly, which takes planning and timing. As it is, when they default, it's going to cause worldwide chaos.
  • P  •  3 months ago
    French banks have a lot to lose, so that is no big suprise. Euro banks only have 1% reserve requirement, a default in greece could be enough to make eveyone's bank account empty. Just because you see numbers on a paper or computer doesn't mean there is real money backing it up!
  • Great divide  •  Chicago, Illinois  •  3 months ago
    Let Greece fail..... End the union reign and start all over.....
  • Who Dat  •  Cincinnati, Ohio  •  3 months ago
    France is free to give Greece all they care to just as there is nothing stopping Buffet from paying all the tax he thinks he should!
  • USINDEBTEDNESS  •  3 months ago
    What's sad is Greece will default on their debt even if their debt is reduced to 120% of GDP. Its a matter of Greek attitudes about the debt they have. Their population is still blaming the banks even though they're the ones living way way way beyond their means. If anyone could be blamed besides the Greek people it would be the government which had been using bogus accounting gimmicks to hide the ramifications of vote buying. While there is only one political party that carries the socialist name, even their 'most conservative' party is socialist in policy. Sadly, we're now headed down the same path.
  • John Martin  •  Atlanta, Georgia  •  3 months ago
    Of course France want to help Greece with Germany's money.
  • jumpTooFast  •  Denver, Colorado  •  3 months ago
    Sure, Europe should help, but not France
  • blame yourself  •  3 months ago
    America: France should mind its own business
  • midnighteye  •  3 months ago
    Contrary to what some destructive people are saying, debt really matters a lot, and the proof is right there in Greece, Italy, Portugal etc. Let's stop pretending it is somehow "different" in the United States, forget partisanship and get somebody into government at the next election who really is prepared to slash government spending, which will mean tackling "entitlements" (which are not really entitlements if they cannot be afforded) and keep the economy growing at the same time by drastically cutting taxes.

    The alternative is acquiescing in the bankruptcy of the country, it's that simple. You choose.
    • Eng Yang Tan 3 months ago
      Elementary psychological principle really : It can happen to everyone else but me. Bernanke and Obama think they can continue to screw bondholders worldwide because it is a traditional "safe haven". When the day eventually comes they finally get tired of all the manipulation, the consequence is unthinkable.
  • Bozo  •  3 months ago
    Throwing good money after bad, the Greeks would rather burn shops than help the country.
    With that attitude Greece will never have any money other than what the tourists bring in.
    They broke it let them fix it!
  • Diver  •  New York, New York  •  3 months ago
    France should make it manditory that every French citizen have a gyro delivered from Greece for lunch on Monday. That should solve the problem.
  • N  •  3 months ago
    Sure Europe should help. By severing the Euro-umblical!
  • Christopher  •  3 months ago
    Europe's response to France should be "Okay, you go first."
  • lwk  •  Minneapolis, Minnesota  •  3 months ago
    Greek's blame other European countries for not helping them? Insisting on financial reforms that must be made.
    You got your self in the mess so don't blame the countries that have been doing things right for their economy.

    "Resentment has been mounting in Greece over what many see as the humiliation of the country and the hardship brought on by increasing demands from the country's creditors that have left the country in a fifth year of recession."

    Also, is anyone else getting sick of stories on the mess in Greece?
    • Joe Blow 3 months ago
      The Greeks have a lot to answer for but so has the EU. the Greeks were never ready to join the Euro and yet were encouraged by France and Germany who have both known for years that the debts of greece were out of control and yet did nothing. If French and German banks continued to lend billions to greece despite the increasing mess should not they be accountable for their reckless behaviour?
      The EU had a duty (and the means) to stop the position getting so bad but as usual they put their heads in the sand hoping that it would go away!!
 
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