The 16 countries of the Eurozone agreed on Thursday night to support the French-German rescue plan for the Greek economy. The two countries had announced shortly before the Eurogroup meeting that they had come to a compromise solution regarding the aid package that would be established to help Greece.
The Greek Prime Minister, George Papandreou expressed his satisfaction with the developments stressing the fact that the sacrifices of the Greek people are producing results adding that this decision signifies an important moment for Europe.
The point of contention in the deliberations that preceded the agreement was the question of who would play the major role in case of a needed economic bailout of Greece, namely would it be a primary European solution or an International Monetary Fund (IMF) one.
The agreement stipulates there will be a European framework with coordinated loans that are going to be contributed by the member states only to be supplemented by IMF loans. The agreement was reached during the meeting that French President, Nicola Sarkozy had with the German Chancellor, Angela Merkel ahead of the Eurogroup meeting.
“The struggles and sacrifices of the Greek people are bearing fruit. The policy of responsibility is being vindicated. We are safe,” Mr Papandreou immediately after the conclusion of the meeting of European leaders.
“The European Union came across a tremendous challenge and raised itself to the occasion,” he added stressing the fact that through this decision Europe does not only protects Greece but also protects its cohesion and common currency. “Europe and Greece alongside are coming out stronger from this crisis.”
Commenting on the handling of the situation on the part of the Greek government he said: “We moved with prudence, caution, and decisiveness. We[the government] are on a march with the Greek people. We convinced [them] that they are dealing with a credible Greece that has a plan for its [future] course.”
He further expressed his determination to solve Greece’s problem through major economic and social changes and to create the neccessary conditions for a secure environment in the country.
