“Greece is integral part of the Euro zone” German Chancellor Angela Merkel and French President Nicolas Sarkozy told Greek Prime Minister George Papandreou according to a statement issued by the Greek government after the important conference call between Athens, Berlin and Paris that lasted 25 minutes. The main results of the conference call are:
-Merkel and Sarkozy pledged to implement the decisions of July 21 summit for second bailout package for Greece.
-Prime Minister George Papandreou pledged to absolutely comply with the agreements and commitments.
-There is no question of Greece’s exit the euro zone.
The recent measures will meet the fiscal targets of 2011 and 2012
The full statement issued by government spokesman Ilias Mosialos is as translated by KTG:
“The full implementation of the decisions of July 21 is the common desire of Prime Minister George Papandreou, President Sarkozy and Chancellor Merkel. Across the great speculation in recent days, it has been highlighted by all, that Greece is an integral part of the Eurozone. Greece is determined to meet all its obligations towards its partners to ensure the full implementation of the support program. The decisions taken by Ministers Council in recent days and the additional measures that were announced, lead to the achievement of the fiscal targets for 2011 and 2012 and the creation of primary surpluses. Because these will shield the Greek economy, will stop the accumulation of public debt and strengthen the development prospects of the country.”
We understand that under these circumstances Greece can afford to hope to receive the 6th tranche of the first bailout package. Apart from that Much Ado About Nothing and Nothing New. “Commitments” we’ve heard before. “Implementations” we don’t see, apart from taxation on everything that walks, flies, swims and even stands (extra property levy)