“Allowing Greece to exit the euro zone would be an admission of impotence – France refuses that”, Valls said, adding that a deal between Athens and creditors was “within grasp”.
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Ahead of an emergency European summit on Tuesday to end the deadlock, Valls said “the basis of an agreement for Greece financial rescue exists” and called on the Greek government to come up with new proposals to meet obligations to creditors, Xinhua news agency reported.
“Our country’s total exposure to a possible Greek default represents around €65 billion, well above the €40 billion usually cited”, Senator Alberic de Montgolfier said in a statement accompanying a report he delivered to France’s upper house of parliament. “It would weaken Europe and have repercussions for the world economy”, he said. But Greece must also have a “clear outlook” on how its debt will be dealt with.
Last week Sapin noted that “the debt question isn’t taboo” in seeking a last-minute bailout accord with Athens.
Greece must now submit a reform plan to eurozone leaders by Thursday night, and the new proposals are said to focus on tax and pension reforms in particular.
In his speech, Valls sketched out more than a century of political and cultural ties linking France and Greece, which he described as a “great European nation”.
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Sigmar Gabriel, Germany’s vice chancellor and economic minister, told a German newspaper that the Greek government is leading its people “onto a path of bitter austerity and hopelessness”.
