Greece Is to Remain in Euro: Sarkozy, Merkel French President Nicolas Sarkozy<http://topics.bloomberg.com/nicolas-sarkozy/>and German Chancellor Angela Merkel <http://topics.bloomberg.com/chancellor-angela-merkel/> said they are “convinced” Greece will stay in the euro area as they faced international calls to step up efforts in fighting the region’s debt crisis.
The euro rose after the leaders of Europe<http://topics.bloomberg.com/europe/>’s two biggest economies issued a statement yesterday following a telephone conversation with Greek Prime Minister George Papandreou<http://topics.bloomberg.com/george-papandreou/> .* Papandreou committed to meet deficit-reduction targets demanded as a condition for an international bailout, according to statements from governments in Athens, Berlin and Paris. * The remarks were “a good thing,” said John Doyle<http://topics.bloomberg.com/john-doyle/>, a strategist in Washington <http://topics.bloomberg.com/washington/> at currency-trading firm Tempus Consulting Inc. “They’re just words at this point, but that’s why we’re seeing the euro pop against the dollar.” European governments are aiming to ratify a July 21 agreement to bolster the euro region’s bailout fund and extend a second rescue to Greece<http://topics.bloomberg.com/greece/>. Investor skittishness over the spread of the debt crisis has raised banks’ funding costs and roiled markets worldwide. Sarkozy and Merkel “are convinced that the future of Greece is in the euro zone,” the French statement said. The euro advanced against the dollar, strengthening 0.5 percent to $1.3752 at 4:01 p.m. in New York trading, as futures on the Euro Stoxx 50 Index added 2.6 percent. http://www.bloomberg.com/news/2011-09-14/sarkozy-merkel-convinced-greece-to-stay-in-euro-area-amid-fiscal-steps.html
