Following a meeting in Berlin with President Nicolas Sarkozy of France, Chancellor Angela Merkel of Germany also urged Greece and its private creditors to quickly agree on the restructuring of the country’s national debt.
Otherwise, she warned, it would not be possible for Greece to receive its next batch of bailout cash. In October, the euro zone agreed to a second bailout for Greece that involved the country’s private creditors accepting a 50 percent reduction in the value of their holdings of Greek debt.
She added that both she and Mr. Sarkozy wanted Greece to receive the money.
“We want for Greece to remain in the euro zone,” Mrs. Merkel said.
The two leaders also called for faster payments into the euro zone’s permanent rescue fund, known as the European Stability Mechanism, in an effort to bolster confidence, and for a quick conclusion to negotiations on a treaty with new fiscal rules, the basis of which leaders agreed to at a summit last month.
Germany has insisted on austerity measures in the euro zone’s fight to lower budget deficits and regain investor confidence.
They two leaders also told reporters that Europe should compare countries’ labor market practices and learn from the best, and for European funds to be used in a way that could create jobs.
Article source: http://feeds.nytimes.com/click.phdo?i=92ccd7236a32f8ecd673811184ac27b5
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