Thursday, January 27, 2011

Davos 2011: Nicolas Sarkozy 'will not let euro fail'

French President Nicolas Sarkozy has said France and Germany will never let the euro fail.He acknowledged concerns about the future of the euro following bail-outs of Greece and the Irish Republic, as he addressed the World Economic Forum."Whether it be [German] Chancellor Merkel or myself, never will we turn our backs on the euro. Never will we abandon the euro," he said.
He added that those who bet against the euro should watch out for their money.

"The euro spells Europe. The euro is Europe and Europe has spelled 60 years of peace on our continent, therefore we will never let the euro go or be destroyed," he insisted.France currently holds the presidency of the G20 and Mr Sarkozy was speaking about his vision for the group.

He is keen to negotiate a deal on currency reform during his tenure. But his call for a new international monetary system has received a cool response from the US, which sees it as an attempt to undermine the dollar. The French president said he was not trying to weaken the US currency, adding that France was "deeply attached" to its friendship with the US.

"The dollar will continue to be the world's number one currency," he said.

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