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Davos 2011

Sarkozy says don't bet against euro

Thursday, Jan 27, 2011 - 01:51

Jan 27 - French President Nicolas Sarkozy says investors who bet against the euro will get their fingers burned because France and Germany are utterly determined to defend the currency.

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TV AND WEB RESTRICTIONS~**NONE~** A small explosion rocked the centre of Davos on day two of the World Economic Forum. Anti-forum protestors are thought to have set off a firework. There turned out to be no cause for serious alarm. That was also the message inside the conference centre where the euro zone's debt crisis took centre stage. The French President said the mandate of the International Monetary Fund should be expanded to measure, monitor and enforce new rules on global economic imbalances. SOUNDBITE: FRENCH PRESIDENT NICOLAS SARKOZY, SAYING (English): "The world cannot continue simply continuing to mount up these staggering debts without thinking of the imbalances they engender. " He also said investors who bet against the euro would get their fingers burned. SOUNDBITE: FRENCH PRESIDENT NICOLAS SARKOZY, SAYING (English): "Never, and listen to me carefully here - never will we turn our backs on the euro." PTC A year ago the Greek crisis dominated the Forum here at Davos. It set the ground for an eventual bailout for Greece and later Ireland. Many financial executives here this year believe effective action to prevent further contagion and restore confidence in the financial sector is now on the way. Chief Executive of the German retailer Metro Eckhard Cordes said Germany must be prepared to help those less fortunate than themselves. SOUNDBITE: CHIEF EXECUTIVE OF GERMAN METRO RETAILER, ECKHARD CORDES, "One has to bear in mind all these frutis we have been able to reap over these last years - let me put it that way - and we and also the German banks should pay back something in light of what has happened." He also said a the introduction of a euro bond was vital to sorting the crisis - that's something many in Germany don't want to hear. Sonia Legg, Reuters.

Sarkozy says don't bet against euro

Thursday, Jan 27, 2011 - 01:51

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