Thursday, January 27, 2011

French President Vows Support for the Euro

France and Germany will never turn their backs on the euro, French President Nicolas Sarkozy has said in his most robust defence of the troubled single currency to date.

Addressing the World Economic Forum in Davos, he told speculators to be prepared for big losses if they bet against the euro. “[Germany’s] Chancellor Merkel and myself will never – do you hear me, never – let the euro fall,” he said.

“The euro is Europe. And Europe spells 60 years of peace. Therefore we will never let the euro go or be destroyed… To those who bet against the euro, watch out for your money because we are fully determined to defend the euro.”

President Sarkozy’s intervention comes with the single currency under greater strain than at any time in its short history. Davos has been abuzz with talk of a two-speed Europe, with billionaire investor George Soros warning that the “euro could possibly fall apart” under the strain.
Read the rest here.

2 comments:

The Anti-Gnostic said...

Questions:

Have private French and German citizens been consulted about their purported greater duty to Europe?

Have the Turkish, Middle Eastern and North African peoples who will shortly constitute the French and German majorities agreed to work harder, accept less benefits and pay more taxes for the sake of "Europe?"

How does Southern Europe feel about Franco-German dominance? How does Eastern Europe feel about this?

How much longer will Americans pay to have their military garrisoned overseas to preserve "60 years of peace" for Europe? In particular, when Mexico and parts of the US Southwest slip into anarchy, where will US military priorities lie?

Visibilium said...

France and Germany have already agreed, at Germany's insistence, that bondholders will have to take a haircut after 2013. Trichet hit the roof (which was the proximate cause of the Irish crisis), but that's tough poop.