According to foreign news agencies, French President Nicolas Sarkozy called the members of the European Union “to show responsibility in the case of Greece”. This statement – which was published today – made in order to protect the euro in the midst of the Greek debt crisis. “What we need above all is unity. We must leave behind the national controversy and rediscover a sense of common destiny”, said Mr. Sarkozy, in a rural conference in Paris. “We must protect the common currency and the European institutions,” he said, just a day before his trip to Berlin where he will meet with German Chancellor Anglela Merkel for the debt crisis of the Eurozone. “Without the euro, there is no Europe and without Europe there is no possibility of peace and stability,” said Mr. Sarkozy. “We have no right to hurt the euro”.
The common European currency lost abount 400 pips within a week in the forex market and it is well behind the Fibonacci extension of 261.8%.
This news post was written by Chris on June 16, 2011