Germany, France break euro bailout deadlock

German Chancellor Angela Merkel and French President Nicolas Sarkozy, the eurozone's key players, agreed on a "common position" after late-night talks in Berlin just hours before the summit in Brussels, the French president's office said. European Central Bank president Jean-Claude Trichet took part in the meeting. Officials refused to provide any details but the Franco-German agreement will lay the groundwork for negotiations between the eurozone's 17 leaders after weeks of debate over how to put a lid on the year-long debt crisis. On the eve of the summit, the European Commission president Jose Manuel Barroso issued a dire warning that failure to find a solution could have global repercussions. "Nobody should be under any illusion – the situation is very serious," Barroso warned on Wednesday. "It requires a response. Otherwise the negative consequences will be felt in all corners of Europe and beyond." French Foreign Minister Alain Juppe also warned of the stakes involved, saying, "We absolutely must find a solution in order to end international speculation and stabilise the eurozone ... If this eurozone collapses it would be a disaster." Nervous financial markets are keenly awaiting the outcome of the summit following several tumultuous days, with debt crisis contagion threatening to engulf Italy and Spain, the eurozone's third and fourth-largest economies. Merkel had unsettled markets on Tuesday by downplaying expectations that the Brussels get-together would result in something "spectacular" to end Europe's problems in one fell swoop. "Today's summit could provide the last chance for eurozone policy makers to get a grip on the region's debt crisis," said the research firm Capital Economics. "Anything other than a very decisive response could see the situation become irretrievable," it said. The European Union and the IMF provided a €110 billion bailout to Greece last year, but this has proved to be insufficient. Since then, Ireland and Portugal received their own multi-billion-euro rescues. Berlin has been at odds with the ECB and Paris over Merkel's demands for private investors to shoulder some of the burden for the second Greek rescue, which will be the eurozone's fourth bailout. There are concerns that any change to the terms of outstanding Greek sovereign bonds could prompt rating agencies to declare Athens in default, with potentially dramatic consequences. more http://www.thelocal.de/politics/20110721-36439.html

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Ken Brodeur on July 21, 2011 at 3:17pm
Usury's final hour worldwide.  End the Fed, End the IMF, End the World Bank.  Make all the international bankers clean toilets as penance and change their surnames to Outhouse.

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega's 4 blog posts were featured
5 hours ago
Burbia's blog post was featured

Charlie Kirk Assassination

September 10th 2025 in Utah Turning Point USA CEO has been assassinated. Coincidentally,  answering…See More
5 hours ago
Charles Magus's blog post was featured

FURTHER PROOF OF WALK-INS! Prisoners of the Dulce Base by Sherry Shriner

There is a real connection between the Cabal and what is happening at this Undergroung…See More
5 hours ago
Less Prone favorited Doc Vega's blog post Ashrams and Moonies Perfect Case for Mind Control
5 hours ago
Less Prone commented on tjdavis's blog post Sentient World Simulation
"Cannot open the link"
5 hours ago
Tina Sullivan is now a member of 12160 Social Network
11 hours ago
Doc Vega posted blog posts
21 hours ago
Sandy posted a video

We’re cooked

We’re cooked
yesterday
Sandy posted a photo
yesterday
tjdavis posted a video

Tom Horn discusses Masonic view of 2025

Startling perspective by Tom Horn of the upcoming year: 2025
yesterday
cheeki kea posted a photo
Tuesday
cheeki kea commented on Doc Vega's blog post Grooming the New Generation of Assassins
"It's a distressing state of affairs when evil leftists hardwire impressionable students and…"
Tuesday
Doc Vega commented on Doc Vega's blog post This Memorable Anthem Given by Nick Freitas Hit the Nail on the Head Please Listen!
"Burbia Charlie Kirk's wife is a real firebrand! God bless that poor woman! "
Monday
Doc Vega commented on Doc Vega's blog post This Memorable Anthem Given by Nick Freitas Hit the Nail on the Head Please Listen!
"Burbia thanks for the videos! "
Monday
Doc Vega posted blog posts
Monday
Burbia commented on tjdavis's video
Thumbnail

Charlie Kirk: Grief And Outrage From Turning Point USA in Phoenix

"Early reports said a.second shooter was there. Talk of Dischord chats. Peyton Gendron was coerced…"
Monday
tjdavis posted a video

America In Crisis: Illegals and Drug Smugglers Have Us Beat

An inside look at how bad the situation is at the Arizona/Mexico border. This exclusive tour with retired Arizona Sheriff Mark Lamb reveals just how bad thin...
Monday
Burbia posted a video

Sam Hyde Show: This is You

support the show: https://www.mde.tv/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🔥 BUY EXTREME PEACE on MDE.TV 🔥https://www.mde.tv/series/extreme-peace▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬...
Monday
Burbia commented on Sandy's photo
Monday
Burbia commented on Sandy's photo
Monday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted