Europe Seeks Ways to Overcome Crisis

Yesterday evening Ministers of Finance of Germany, France, Italy and Spain had a meeting in Paris to discuss the possible anti crisis activities which are anticipated to be discussed at the EU summit this week, since the debts of Euro Zone continue growing.

5 countries out of 17 which use European currency have applied for financial aid from EU. Greece needs 240 milliard Euros to avoid bankruptcy. Major European countries, France and Germany have serious disagreements in regard of these issues.

“Election of Francois Holland changed the situation in Europe. We have accepted a package in the amount of 130 to stimulate economic growth and we are on the right path. There is a package for banks according to which it is necessary to work such mechanisms as recapitalization of banks which will allow to overcome difficulties in banking system,” states the Minister of Finance of France, Piere Moskovski.

At the same time without serious changes and closer budget integration Germany doesn’t agree with the idea of consolidation of debts. This standpoint was approved by European Council as well.