Good Intentions

Though stopping short of promising funding, French President Sarkozy said Europe must support an ailing Greece if the credibility of the Euro as a moral currency is to be maintained. “French President Nicolas Sarkozy said the European Union must support Greece or risk destroying the euro as Prime Minister George Papandreou heads for Paris to lobby support for the debt-laden country. ‘If we created the euro, we cannot let a country fall that is in the eurozone,’ said Sarkozy yesterday before a meeting with Papandreou in Paris today. ‘Otherwise there was no point in creating the euro. We must support Greece because they are making an effort.’ EU leaders have so far refused to give financial aid to Greece and have ordered the government to cut its budget deficit, the EU’s highest, on its own. While Papandreou says steps taken this past week to slash the shortfall warrant more help from the EU, German Foreign Minister Guido Westerwelle said yesterday that his country is ‘not going to write a blank check.’ Papandreou is touring Luxembourg, Berlin, Paris and Washington after his government passed a 4.8 billion euro ($6.5 billion) austerity package on March 5. German Chancellor Angela Merkel, who met him yesterday, said the question of a bailout ‘absolutely doesn’t arise’ and the steps taken to cut the deficit make her optimistic that a rescue won’t be needed.”