Mrs. Merkel and Mr. Sarkozy, the prime-minister and the president of the two largest economies in the European Union, have warned Greece on its sluggish, if any, structural changes that are required to combat with the wide-spreading eurozone crisis. The actual circumstance does not look any better now than it did before the holiday season. Indeed, Mr. Sarkozy acknowledged that the uncertainty in the markets "is very tense, very tense.” Even the Greek prime-minister, Lucas Papademos, hahttp://www.blogger.com/img/blank.gifd to admit last week that the default would be a possibility if no further spending cut was implemented. Meanwhile, Mrs. Merkel further stressed that there would be no continuation on the bailout package if Greece failed to live up to its commitments.
Tomorrow, the head of the IMF will arrive in Berlin for talks with the German chancellor. And on Wednesday, Mario Monti, Italy's Prime Minister, is scheduled to meet with her.
Eurozone countries are predicted by economists to return to the recession, let alone the $2.4 trillion to re-finance in 2012.
http://www.nytimes.com/2012/01/10/business/global/merkel-and-sarkozy-meet-as-bond-markets-remain-wary-of-euro-risk.html?ref=europe
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