Greece Receives Ultimatum On Euro

November 2nd, 2011 by James

On Wednesday, the leaders of France and Germany told Greece that it would not receive another cent in European aid until it decides whether it wants to stay in the euro zone.

Greece Receives Ultimatum On Euro

Leaders of the two countries also made it clear that saving the euro was ultimately more important to them than rescuing Greece.

From news.yahoo.com:

After emergency talks with Greek Prime Minister George Papandreou, German Chancellor Angela Merkel said: “We would rather achieve a stabilization of the euro with Greece than without Greece, but this goal of stabilizing the euro is more important.”

Sarkozy hammered home the same message, telling a joint news conference with Merkel: “Our Greek friends must decide whether they want to continue the journey with us.”

Papandreou outraged European partners and caused panic on financial markets by announcing on Monday that Greece would hold a referendum on a second bailout plan negotiated with euro zone leaders last week.

“It’s not the moment to give you the exact wording, but the essence is that this is not a question only of a program, this is a question of whether we want to remain in the eurozone,” Papandreou said.

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