By Helene Fouquet and Mark Deen - Jan 30, 2012 2:50 AM GMT+0700
French President Nicolas Sarkozy said the euro-region’s financial crisis is stabilizing thanks to measures taken by European leaders.
“We can say -- with caution -- that we see elements of financial stability in France, in Europe and in the world,” Sarkozy said in a nationally televised interview in Paris today. “Europe is no longer at the edge of the cliff.”
The comments came on the eve of a European Union summit in Brussels where where leaders are set to put the finishing touches on a German-led deficit-control treaty and endorse the statutes of a 500 billion-euro ($661 billion) rescue fund to be set up this year.
Greece and its private creditors said Jan. 28 they expect to complete a deal in coming days after bondholders signaled they would accept European government demands for a bigger cut in debt holdings.
Efforts to hold the 17-member euro area together come against a deteriorating economic outlook, with the euro economy set to contract by 0.5 percent this year, according to the median of 19 economist forecasts compiled by Bloomberg.
To contact the reporters on this story: Helene Fouquet in Paris at hfouquet1@bloomberg.net; Mark Deen in Paris at markdeen@bloomberg.net
To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net
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