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Merkel – Sarkozy Agreed On A New Greek Package

German Chancellor Angela Merkel and French President Nicolas Sarkozy have reached to an agreement on a new bailout package for Greece after seven-hours of negotiations.
According to Merkel’s spokesman Steffen Seibert, the two leaders had been agreed and discussed with Jean-Claude Trichet, president of the European Central Bank, and Herman van Rompuy, president of the European Union.
The French presidency announced that France and Germany agreed on a common German-French position and have informed the President of the European Union Herman Van Rompuy, so that he can bring it into the ongoing negotiations in Brussels.
The European Commission declined to comment on the agreement or its impact on preparatory talks for the summit.
According to Dow Jones Newswires, the new bailout package for Greece will likely include measures to cut the country΄s debt, lower interest rates and the participation of private investors holding Greek debt as part of a deal.
“The Merkel-Sarkozy agreement will be the basis of the final agreement. Specifics will be discussed by senior advisers this morning and by the leaders afterwards. As it΄s always the case in the euro-zone all countries must be heard and things may change. But I believe we΄ll have a solid agreement today,” an official told the news agency without elaborating.
Additionally, Wall Street Journal reported that Germany and France have opted not to press for a bank tax to help finance the new rescue package for Greece, according to people familiar with the matter.
Angela Merkel and Nicolas Sarkozy will instead present a different proposal for private-sector involvement in the Greek package to today΄s summit of euro-zone leaders in Brussels, according to WSJ.
(source: capital)

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