| Author (Person) | Peel, Quentin |
|---|---|
| Series Title | Financial Times |
| Series Details | 26.3.10 |
| Publication Date | 26/03/2010 |
| Content Type | News |
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Article reports that France and Germany hammered out an agreement during the 25 March 2010 on the principles of a eurozone rescue mechanism for Greece, giving a big role to the International Monetary Fund while leaving the Europeans to lend most of the money. This was later agreed by all eurozone governments The agreement between Paris and Berlin pulls the eurozone back from the brink of what would have been a damaging row over how to help members with debt refinancing difficulties. France and Germany also have sought to commit their fellow EU members to the formation of an 'economic government' for the Union, to promote stronger co-ordination of economic policy. This was subsequently changed to 'economic governance' at the request of the United Kingdom. Taking primary responsibility for designing and financing a lending programme to prevent Greece defaulting on its debt would be the first IMF crisis loan to a big west European country since the UK and Italy in the 1970s. Subsequent analysis suggested that the agreementt was the moment when Angela Merkel, the German Chancellor underlined her emergence as the European leader who matters most. |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe, Greece |
