Numbers don't add up for EU rescue plan

The unclear and confusing statement issued after the EU summit deal last week will only fuel uncertainty in the eurozone crisis

30th October, 2011
Greek prime minister George Papandreou, French president Nicolas Sarkozy, and German chancellor Angela Merkel: their plans for dealing with the crisis have been less than impressive Photo: getty

The EU summit deal announced in the early hours of Thursday morning was delivered with the requisite fanfare. "The debt is absolutely sustainable now," said Greek prime minister George Papandreou with an air of certainty.

"Greece can settle its accounts from the past now, once and for all." He was supported by Angela Merkel and Nicolas Sarkozy.

"The eurozone has adopted a credible and ambitious response to the debt crisis," said the French president. The...

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