In total Berlin is committed to provide EUR 22

In the aftermath of the vote of the Eurogroup approving the unprecedented aid unblocking at Greece, 110 billion over three years, the main countries called to the rescue and saved by the contagion of confidence of financial markets, i.e., the Germany, the Netherlands and the France, hid not yesterday their intent to "learn the lessons of the crisis" already. This would, at the price of a change in the rules of the stability pact, to avoid that the vigilance of the euro area is again taken into default by a country in excessive deficit or presenting false figures.

This is the German Chancellor, Angela Merkel, who had opened fire Sunday in an interview with the "Bild am Sonntag", by proposing that a country which fulfil not its obligations in the future might temporarily lose his right to vote in the proceedings European. Forgetting perhaps in passing that this measure might already apply to his own country, whose deficit has exceeded several times the sacrosanct bar of 3 of GDP, as indeed almost all the countries of the eurozone, Angela Merkel pointed out in passing such a political penalty depriving Government of a voice in the European Community, would have more deterrent as a financial finewhich would exacerbate the deficit of the country. For its part, the French Minister of economy, Christine Lagarde, found in an interview with the "world" dated of today need to "act more effectively" and establish "mechanisms of prevention and warning" to detect the drift of a country by way of debt, deficit or competitiveness. These mechanisms were often discussed in the past without being ever able to be applied because the necessary investigations eroding the principle of national sovereignty, but Christine Lagarde acknowledged that "when it costs us EUR 110 billion, on change of approach". The Dutch Minister of finance, Jan Kees Jager, said yesterday his side need to develop "of new agreements, much stricter", around the European stability pact, to avoid excessive national deficits.

A new stage

Moreover, the process of ratification of the aid has crossed a new threshold with the vote of the Council of Ministers of the Germany, certainly the country the most "hellénosceptique", which allows the public German bank KFW to lend EUR 8.4 billion in Athens this year. In total, Berlin is committed to provide EUR 22.3 billion Greece in three years. This contribution calculated in proportion to the capital of the European Central Bank, will be for the France to 16.8 billion, of which $ 6.3 billion in 2010. Paris and Berlin provide them only half of the euro area using the Greece.

A Summit of the 16 countries of the eurozone in Brussels must validate Friday the aid plan, which must be approved in addition, in expedited procedure, by the Parliament of the creditor countries, whereas such a procedure takes a month usually. Some Parliament will vote only after the Summit on May 7, including the Netherlands. And the Bill filed yesterday in the Greek Parliament on the austerity plan, consideration of international assistance, should be voted to here in about a week. Rejection seem more unlikely, the length of the ratification procedures adds to the nervousness of markets not be convinced that a country where widespread tax evasion will be able to apply the required stringent measures. The euro has lost ground yesterday, 1,3180 dollar, against 1,3300 Friday evening.

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