02.11.2011 0

Provence & Côte d’Azur: Emergency meeting in Cannes

Emergency Greece meeting in Cannes today

Following Greece’s announcement of a referendum on the country’s new bail-out plan, an emergency meeting will be held in Cannes today, the day before the opening of the G20 summit.

Greek flag
World leaders will come together today ahead of the beginning of tomorrow's G20 summit Copyright Eusebius

Along with other EU leaders and members of the International Monetary Fund, French President Nicolas Sarkozy, German Chancellor Angela Merkel and Greek Prime Minister George Papandreou will meet today for an emergency round-table discussion.

 

French banks and other lenders exposed to Greece  are set to slump due to the referendum, raising the risk of a disorderly default. Marketing agency Fitch, announced yesterday that French banks are to be particularly affected, as Société Générale and BNP Paribas in Paris have both already felt the brunt of the changes.

The meeting comes directly after Mr Papandreou secured the unanimous backing of his cabinet for a referendum on the eurozone debt rescue. Mixed opinions have arisen, from confidence to extreme fear for the country’s bleak economic outlook.

Louise Kirby


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