JOURNAL DE DIMANCHE - Nicolas Sarkozy came under fire from opposition leaders for seeking China’s help to resolve the euro area’s debt crisis. “It’s shocking,” Martine Aubry, the general secretary of the Socialist Party, said in the Sunday newspaper, Journal du Dimanche. “The Europeans, by turning to the Chinese, are showing their weakness. How will Europe be able to ask China to stop undervaluing its currency or to accept reciprocal commercial accords?” Sarkozy reached out last week to his Chinese counterpart Hu Jintao to build support for an enlarged rescue fund designed to solve the region’s sovereign-debt crisis. The leaders talked just hours after a euro-region summit on Oct. 27 ended with an agreement to boost the European Financial Stability Facility to about 1 trillion euros ($1.4 trillion), leveraging existing guarantees by as much as five times. French opposition party objections to a Chinese role come six months before the country’s presidential election, and amid growing concern about public debt in France and in Europe. France’s public debt, which is more than 80 percent of gross domestic product, and the budget deficit are considered by a third of the French as the most important issues confronting the economy, above purchasing power and unemployment, according to a poll published Sunday in Ouest-France newspaper.
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Monday, October 31, 2011
The euro bailout fund (the EFSF) is to be leveraged up to €1 trillion (£878bn) but we are not told how.
JOURNAL DE DIMANCHE - Nicolas Sarkozy came under fire from opposition leaders for seeking China’s help to resolve the euro area’s debt crisis. “It’s shocking,” Martine Aubry, the general secretary of the Socialist Party, said in the Sunday newspaper, Journal du Dimanche. “The Europeans, by turning to the Chinese, are showing their weakness. How will Europe be able to ask China to stop undervaluing its currency or to accept reciprocal commercial accords?” Sarkozy reached out last week to his Chinese counterpart Hu Jintao to build support for an enlarged rescue fund designed to solve the region’s sovereign-debt crisis. The leaders talked just hours after a euro-region summit on Oct. 27 ended with an agreement to boost the European Financial Stability Facility to about 1 trillion euros ($1.4 trillion), leveraging existing guarantees by as much as five times. French opposition party objections to a Chinese role come six months before the country’s presidential election, and amid growing concern about public debt in France and in Europe. France’s public debt, which is more than 80 percent of gross domestic product, and the budget deficit are considered by a third of the French as the most important issues confronting the economy, above purchasing power and unemployment, according to a poll published Sunday in Ouest-France newspaper.
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The financial turmoil rattling governments and banks in Europe is further weighing on the already-sluggish outlook for business in the region.
Even though euro-zone governments' latest package of measures to combat the crisis, agreed upon last week, appears to have warded off a financial crash for now, some damage already was done to many companies in Europe. Growing uncertainty regarding the outcome of the turmoil, coming after the global financial crisis and recession, has caused customers to hold off on purchases.
As a result, many local companies and multinationals that operate in Europe are cutting back on production, slashing costs ...
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