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Debt Crisis

Merkel and Sarkozy promise crisis package

The leaders of Germany and France said the package would come by the end of the month, before the G20 summit in November.

THE LEADERS OF France and Germany have promised to bring in a package to solve the euro zone debt crisis by the end of October.

German Chancellor Angela Merkel and French President Nicolas Sarkozy are currently meeting in Berlin and said yesterday at a joint news conference that they are “very conscious that France and Germany have a particular responsibility for stabilising the euro”, Reuters reports.

They would not give details of the plan but said they are in agreement on the recapitalisation of European banks.

With regard to Greece, Merkel said they are working closely with the troika in Greece and expect to present “a sustainable solution” for the country soon.

The two are meeting to discuss new measures to counter the European bloc’s debt crisis and to seek ways to strengthen Europe’s banking sector.

Their talks will mean changes have to be made to the Lisbon Treaty, but today’s Irish Times reports that Merkel has not specified the measures she wants included in the Lisbon Treaty.

But Sarkozy promised “rapid” responses as a result of their meeting.

Read: Merkel and Sarkozy meet to thrash out debt crisis measures>

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