Post by Moe Lester on Sept 13, 2011 3:28:47 GMT -5
The Senate on Thursday voted to approve French participation in an EU financial aid plan for Greece just a day after its approval by the lower house, making France the first European country to give formal legal backing to the bailout.
AFP - The French parliament Thursday gave final approval for the country's part in the bailout of Greece when the proposal was approved by the Senate.
The upper house vote followed the green light given Wednesday by the National Assembly. The centre-right government's UMP party has a majority in both houses.
The opposition Socialists, however, abstained in the voting in both houses.
France is expected to be the first country to formally give legal backing to the bailout.
"The next thing is for the Greek government and parliament to fully put into action the modalities of the plan that concern them and that they apply the programme as defined by the European Commission," Budget Minister Valerie Pecresse has said.
Greece will benefit from the plan designed to head off a government debt default that would weaken the euro and threaten banks in richer eurozone countries, and it is expected to make swingeing cutbacks.
The Frenchies have been fairly nice to the Greeks, I remember a couple of months back that their banks were willing to give the Greek gov't a break just to ease of the pressure.
I don't think Greece should be kicked out of the EU/Euro, that would be counterproductive and would really shake up EU confidence. But I think they should be put on ice for a while, like 5 to 10 years, until they clean up their act and start behaving more responsibly.
Getting out of the Euro, might be good for Greece in a way, for one thing it would attract more tourism (but not investors).