France, Germany reiterate commitments to debt crisis alleviation

(Xinhua)

15:05, August 08, 2011

French President Nicolas Sarkozy and German Chancellor Angela Merkel on Sunday reiterated their commitment to "fullly implement the decision" taken at an EU summit last month in addressing the Greek debt crisis.

"They underline the importance they attach to the parliamentary authority for the decisions to be obtained quickly in their two countries before the end of September," said the statement issued by the Elysee Palace.

European leaders approved a new 109-billion-euro (156.7-billion-U.S. dollar) bailout for Greece during a summit on July 21.

They also reached agreement that the Eurpean Financial Stability Facility (EFSF) could be used to buy bonds in the secondary market and make loans to governments.

Sarkozy and Merkel said they believed relevant European Central Bank (ECB) analysis will be the basis for appropriate interventions in the secondary market.

"It will help to determine if there is a risk to financial stability in the euro area as a whole," according the statement.

Their statement came after a week-long sluggish world stock markets as investors worried the incapability of the new methods, contagion of the debt crisis to bigger European economies such as Italy and Spain, as well as the deficit situation in the United States.

However, this emergency statement, repeating calls for Italy and Spain to do more to cut deficit and boost competitiveness, didn't mention any new concrete measures.

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