LOC18:58
15:58 GMT
PARIS, July 13 (KUNA) - France fully supports a move to hold an emergency
summit of Eurozone leaders Friday to discuss the ongoing and worsening debt
situation in a number of countries, a government spokesperson said Wednesday.
"France has always supported holding Eurogroup meetings in case of
necessity," government spokesperson Valerie Pecresse said after a government
meeting here.
She indicated that the issue of a summit, proposed by EU President Herman
Van Rompuy on Tuesday, was discussed at the regular Cabinet meeting chaired by
President Nicolas Sarkozy today.
The holding of the special summit in Brussels Friday has still not been
confirmed, but Eurozone leaders are anxious to rapidly put an end to the
hesitation and ambiguity concerning indebted countries like Greece. Markets
have reacted nervously to the Greek debt crisis and fears that this country
could default.
The Euro has fallen below 1.40 to the US dollar for the first time in
several months, having peaked at over 1.44 to the US currency last week.
Greece is in need of a second bail-out package in excess of Euros 110
billion to meet its debt repayments and costs. That country received a similar
package several months ago, but says more is now needed.
At the same time, speculation is rife that Italy, the Eurozone's
fourth-largest economy, is also facing financial problems and may need
assistance to meet its debt commitments. Along with Greece, Ireland and
Portugal have recently sought EU bailouts. Spain is also said to be fragile in
the face of its growing debt burden.
The Eurozone comprises 16 of the 27 European Union members which have
adopted the Euro as a single currency. (End)
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