Sarkozy Says Last Week’s Plan Is ‘Only Way’ to Fix Greece
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French President Nicolas Sarkozy said the plan agreed upon by European leaders last week is the “only way” to repair Greek finances after Prime Minister George Papandreou announced a referendum on the matter.
Stock indexes around the world dropped following Papandreou’s announcement and the extra yield investors demand to hold Italian 10-year bonds over their German counterparts rose to a euro-era record. That prompted Italian Prime Minister Silvio Berlusconi to call for a ministerial meeting to discuss planned austerity measures.