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French finance minister 'convinced' of EU deal

AFP · 24 Oct 2011, 10:32

Published: 24 Oct 2011 10:32 GMT+02:00

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French Finance Minister Francois Baroin said he was "convinced" that European leaders would agree on a comprehensive deal to end the eurozone debt crisis at a summit on Wednesday.

"I'm convinced of it," Baroin told Europe 1 radio on Monday. "If we said (there was) two thirds progress since Friday morning, we are realistic."

"We agreed on disbursing the last installment of the preceding Greek programme," he said referring to a European summit in Brussels this weekend.      

"We agreed on the level of recapitalisation for banks to face any shocks," he added noting that there remained "technical discussions" on the European rescue fund.

"We know where we are going, we know that we don't want Greece to default," Baroin said, stressing that the crisis was "serious" and a "threat on a global scale."

European Union leaders hailed good progress after a first summit on Sunday aimed at overcoming a crisis that has threatened to pitch the world into a fresh recession.

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However, presidents and prime ministers left Brussels with few concrete details, vowing to reveal all at a second gathering on Wednesday despite mounting international and market pressure.

Leaders are still examining ways to beef up the EU rescue fund beyond its current firepower of 440 billion euros ($605 billion) without actually putting in more money.

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