Hu, Sarkozy discuss euro bailout

By Huang Shaojie (Global Times)

08:40, October 28, 2011

President Hu Jintao and his French counterpart, Nicolas Sarkozy, discussed global economic prospects on the phone Thursday, as Beijing welcomed a eurozone bailout deal aimed at reducing the debt burden facing Greece.

Sarkozy briefed Hu on the EU summit in Brussels and the bloc's latest measures to solve the eurozone debt crisis, saying that the EU will actively address the issue, according to the Xinhua News Agency.

Hu replied that measures adopted during the last summit demonstrated European countries' willingness to jointly overcome the crisis, and hoped the new measures would help the region to recover.

The two leaders also exchanged views on the current international economic situation and the upcoming G20 summit in Cannes.

Their talks came just hours after EU leaders arrived at a hard-fought deal in Brussels that will have private banks accept a 50 percent loss on their Greek government bonds in order to ease the country's debt burden to 120 percent of its GDP by 2020, from the current 160 percent.

As part of the deal, European leaders also agreed to expand the bailout fund European Financial Stability Facility (EFSF) to $1.4 trillion.

"We support the EU in taking active measures to tackle their sovereign debt issues," China's Foreign Ministry spokeswoman Jiang Yu said Thursday.

"We are willing to actively explore means to strengthen bilateral cooperation and enhance cooperation in trade, investment, technology and finance," she said.

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