Europe’s leaders say they have reached a deal to tackle the eurozone’s debt crisis.
At news conferences within the past hour they’ve confirmed a new loan package for Greece worth 109 billion euros, and say the private sector will have a role in Greece’s debt restructuring to the tune of 37 billion euros.
President Sarkozy spoke ahead of the other leaders.
“The first decision is very big: the beginning of the creation of a European monetary fund. The second big decision is over the sustainability of the Greek debt. What we will do for Greece in terms of sustainability we will not do for any other country in the eurozone,” he said.
One analyst says markets will see the measures as a default for Greece.
Private sector involvement for Ireland and Portugal has been excluded. The summit also considered the governance of the euro zone. Paris and Berlin are to come up with common proposals by the end of the year.