Sarkozy Calls Entry of Greece Into Euro A Mistake

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Context

France termed the inclusion of Greece into the European Union a “mistake”. French President Nicolas Sarkozy in an interview with the French media on Friday stated, “Let’s be clear: it was an error.” He further stated that Greece’s economy was not ready to enter the Euro.

The announcement comes after a bailout plan for Greece was agreed in Brussels which also aims to resolve Europe’s debt crisis. The agreement was accompanied by the strengthening of the euro against the dollar reaching a seven-week high.

However European banks still have to raise $146bn by June. European leaders are also currently meeting Chinese officials to discuss the Asian country’s role in stabilizing the region. According to reports, China would contribute to the European Financial Stability Facility (EFSF). Klaus Regling of EFSF however has cautioned that the talks were in an early phase and it was too soon to make any statements.