French EconMin sees 100-120 billion euro Greek aid plan

PARIS (BestGrowthStock) – French Economy Minister Christine Lagarde said on Saturday she was expecting a 100-120 billion euros ($133-$160 billion) aid package for debt-stricken Greece and hoped a deal could be reached by the end of this weekend.

Lagarde was speaking after French President Nicolas Sarkozy held a meeting of his ministers to discuss the problems of Greece, whose fiscal deficit woes have rocked financial markets.

“The overall aid package has not yet been fixed,” Lagarde told reporters.

“The International Monetary Fund and European Commission have spoken of a package in the range of 100 to 120 billion euros, and the aid plan will likely be within this range,” she added.

Talks to secure European Union and IMF aid to Athens in return for draconian budget cuts are edging toward a close, with European banks expected to contribute.

A separate statement from Sarkozy’s Elysee presidential office said he had discussed Greece with German Chancellor Angela Merkel, and that both he and Merkel were determined to move quickly to set up a Greek aid package.

Sarkozy’s office added that France and Germany would continue to work to ensure the stability of the eurozone, and would also work on further measures to strengthen their monitoring of the eurozone economy.

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(Additional reporting by Sudip Kar-Gupta)

(Reporting by Yann Le Guernigou; Editing by Keiron Henderson)

French EconMin sees 100-120 billion euro Greek aid plan