Sarkozy urges 'compromises' on Greece to save euro

16th June 2011, Comments 0 comments

France's President Nicolas Sarkozy on Thursday urged EU members to "show a spirit of responsibility and an understanding of the need for compromises" to protect the euro amid the Greek debt crisis.

"What we need more than anything today is unity. We must leave behind national quarrels to rediscover our sense of a common destiny," Sarkozy said, in a speech to a major agricultural conference in Paris.

He is due on Friday to travel to Berlin to meet German Chancellor Angela Merkel for crisis talks on the eurozone economy, ahead of further efforts by EU ministers to agree on a deal to stabilise Greece.

French and ECB officials have warned that a restructuring of Greece's 350-billion-euro debt as proposed by Germany could cause a default that would shake the whole eurozone.

"Without the euro, there is no Europe and without Europe there is no possible peace and stability," Sarkozy said. "We have no right to damage the euro."

Despite hints of an emerging deal for a new 105-billion-euro Greek financial rescue, EU ministers on Tuesday failed to clear the main obstacle of ensuring that private investors pay their share of the planned bailout.

The ministers are due to meet again on Sunday and Monday in Luxembourg.

© 2011 AFP

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