Wednesday, December 7, 2011

France vows powerful summit deal

[ Reuters ] 7 Dec

The leaders of France and Germany will not leave this week's EU summit until a "powerful" deal is reached on the euro zone debt crisis, the French government said on Wednesday while Treasury Secretary Timothy Geithner urged bold steps.

French President Nicolas Sarkozy and German Chancellor Angela Merkel will lay out their plan at Friday's EU summit to impose mandatory penalties on euro states that exceed deficit targets, with the aim of restoring market trust and preventing the region's deepening debt crisis spiraling out of control.

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