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Sarkozy, Barroso Urge Firm Action To End Speculation Over Greece


EC President Jose Manuel Barroso (left) with French President Nicolas Sarkozy (file photo)
French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso called for quick and firm action today to counter attacks by speculators on debt-ridden Greece.

A statement from the French presidency said Sarkozy and Barroso agreed during a working lunch on "the need for quick and resolute action against the speculation that is targeting Greece, in order to ensure the stability of the eurozone."

Greece on April 23 asked the European Union and the International Monetary Fund (IMF) to roll out a financial aid package worth some 45 billion euros ($60 billion) to help rescue its economy.

German Chancellor Angela Merkel, meanwhile, said she had "faith" in negotiations the IMF and the EU were holding with Greece to resolve the country's debt crisis.

Her statement came after German Foreign Minister Guido Westerwelle earlier today said Germany opposes giving financial aid to Greece if Athens does not first present a credible program of debt reduction.

Germany, Europe's largest economy, is expected to contribute around 8.4 billion euros to the EU-IMF aid package.

compiled from agency reports