France and Germany Still Press for Greek Austerity
The relationship between Germany and France on the one hand and Greece on the other spins from accommodation to exasperation in an almost regular cycle. Despite support of the euro, in concept, Angela Merkel and Francois Hollande told the Greek government that they would not relent on their insistence that the southern European nation adopt radical austerity programs to get bailout funds.
Many experts expect that if Greece cannot comply, it will be forced from the European Union, which will shred the alliance. Reuters reports that Hollande recently said:
We want, I want, Greece to be in the euro zone, it's a desire we have expressed since the start of the crisis. It's up to the Greeks to make the effort that is essential for that goal to be met.
Hollande's opinion probably will change if a collapse of Greece threatens the financial security of France.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Austerity, Economy, International Markets