The French government has used the strongest language possible to express its support for debt-crushed Greece.
The Wall Street Journal reports that the French government said it will do whatever it takes to rescue Greece, and strongly recommended that the Greek government quickly implement a July 21 plan to stave off bankruptcy. The issue is reportedly so serious that even the Americans are getting involved.
“Greece’s government is scrambling to cut public spending and step up its lagging reform drive amid ultimatums from other euro-zone governments that further rescue money will be withheld if Athens doesn’t deliver. This month, talks between the Athens government and officials from the European Commission, the International Monetary Fund and the European Central Bank—the so-called troika that assesses the country’s eligibility for fresh aid—were suspended in a dispute over whether Greece would need to take further measures. Without the aid, Greece says it will run out of cash by the middle of October.
Efforts to fast track new funds to help financially troubled countries in the euro zone suffered a setback Wednesday, after an Austrian parliamentary committee decided to postpone a decision to expand the European bailout facility. Austrian lawmakers said they needed more time to debate the issue, delaying the cote until October.”
What do you think. Is there any hope for Greece, or time to cut ties and re-examine the Euro?
Read more about Euro politics in the Carnet Atlantique.