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Sarkozy: Letting Greece Join Euro Was a Mistake

Country wasn't ready to be part of eurozone, he says

By Rob Quinn, Newser Staff

Posted Oct 28, 2011 2:22 AM CDT | Updated Oct 28, 2011 5:08 AM CDT

(Newser) – Nicolas Sarkzoy has made it clear that tensions remain in the eurozone despite agreement on a debt crisis deal. The French president says that while he backs reforms intended to allow Greece to remain in the euro, it was a mistake to let the country join the single currency a decade ago because the country's economic figures were false and it wasn't ready, the Guardian reports. "If the euro had exploded on Wednesday night, all of Europe would have exploded," he told French TV. "If Greece had defaulted there would have been a domino effect carrying everyone away."

Greek officials weren't happy about their country being singled out by Sarkozy. "Greece is in the middle of the storm, but it is not the source of the problems of European debt and deficits," Greece's foreign minister told the BBC. "We see this with Portugal, Ireland, Spain, and Italy. So it doesn't help to scapegoat a particular country when you're dealing with a European problem."

French President Nicolas Sarkozy speaks during a media conference after an EU summit in Brussels yesterday. (AP Photo/Geert Vanden Wijngaert)

French President Nicolas Sarkozy speaks during a TV interview at the Elysee Palace in Paris yesterday. (AP Photo/France 2/TF1)

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COMMENTS

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Showing 3 of 6 comments

jfkar

Oct 29, 2011 3:55 AM CDT

Dear Eurozone leaders: Your dream of a socialist utopia has become your never-ending nightmare. Why don't you learn a lesson from history and try rolling back the tax-borrow-and-spend policies that got you into this mess in the first place?

NotTooSerious

Oct 28, 2011 10:19 AM CDT

Uhhh, Hello Kettle, I am Pot(Sarkozi) http://en.wikipedia.org/wiki/List_of_countries_by_external_debt Note: Very few EU countries have debt lower than their GDP.

Buckshot

Oct 28, 2011 8:05 AM CDT

No shit Sherlock, don't you love how efficient hind site is?

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Sarkozy: Letting Greece Join Euro Was a Mistake

Country wasn't ready to be part of eurozone, he says

OTHER STORIES ON OUR RADAR

European Union • Nicolas Sarkozy • Greece • euro • eurozone • Greek debt crisis • European Union debt crisis

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