French President Nicolas Sarkozy said budget cuts of between six and eight billion euros will have to be made due to low growth predictions for France.
However, he continued to stress the importance of decisions made in the debt crisis EU summit in Brussels on Wednesday night.
“To tell you the truth, if we hadn’t made an agreement on Wednesday night, it wouldn’t have been only Europe that experienced a catastrophe – but the whole world. It is unimaginable that inaction would lead to the bankruptcy of a state, which is Greece, a state of nearly ten million people,” he said in his first interview on national television since February.
Sarkozy will now have to turn his attention to next week’s G20 meeting in Cannes, with protesters in Paris already making demands of him and the other leaders.
One demonstrator outside the Louvre said he wanted the leaders to tackle the rich, who he believes are part of the reason for the financial crisis: “We want to protest against the inaction of the G20 group. They promised to deal with the issue of tax havens, but nothing has been done. We want action now.”
The calls for the G20 to end tax havens for the rich is just one of the issues Sarkozy will have to consider as host of the meeting.
Fresh from saving Europe, Sarkozy moves onto the global economy – all as he contends with France’s faltering finances and the prospect of fighting an election next April.