Friday, May 14, 2010

How Credible is French President Sarkozy's Threat to Leave EU?

Rumor has it that French President Nicolas Sarkozy threatened to abandon the Euro if German Chancellor Angela Merkel would not go along with a bailout of Greece. How credible is that report?

Let's start off with a German article Sarkozy soll Merkel Euro-Austritt angedroht haben. http://www.welt.de/politik/ausland/arti ... haben.html

Im Streit um das Rettungspaket für Griechenland hat Frankreichs Präsident Nicolas Sarkozy nach Presseangaben Bundeskanzlerin Angela Merkel (CDU) mit einem Austritt aus der europäischen Währungsunion gedroht. Beim Krisengipfel der Staats- und Regierungschefs der Eurozone in Brüssel habe „Sarkozy mit der Faust auf den Tisch geschlagen und gedroht, sich aus dem Euro zurückzuziehen“, berichtete die spanische Zeitung „El Pais“ unter Berufung auf Vertreter der in Madrid regierenden Sozialisten, die Regierungschef José Luis Rodriguez Zapatero wiedergaben. Damit habe der französische Staatschef die zögernde Merkel unter Druck gesetzt, dem Hilfspaket zuzustimmen.

Here is a translation courtesy of my friend "HB"

In the dispute over the bail-out package for Greece, Sarkozy threatened Angela Merkel with France's exit from the euro-zone , according to press reports During the crisis talks between the leaders of the euro-area in Brussels, Sarkozy is said to have 'banged his fist on the table, and threatened to leave the euro-zone', reports the Spanish paper El Pais - citing representatives of the reigning socialists in Madrid, who in turn repeated what Zapatero (allegedly) told them. That way Sarkozy has apparently forced Merkel to agree to the bail-out plan.
The report of the threat certainly has a lot of credence.

Here is the article in Spanish of anyone cares to read: Zapatero: "Sarkozy amenazó con salirse del euro" http://www.elpais.com/articulo/espana/Z ... inac_2/Tes

Did German Chancellor Angela Merkel really fall for this temper tantrum? Before you decide, please consider some other temper tantrums and threats by President Sarkozy.

Flashback August 17, 2008: Sarkozy threatens 'consequences' as Russia stalls on Georgia pullout http://www.guardian.co.uk/world/2008/au ... ia.russia4

European leaders warned Russia today to withdraw forces rapidly from Georgia or face unspecified "consequences", as Moscow stalled on its pledges to honour a ceasefire and pull back thousands of troops from the Caucasus republic.

Flashback March 27, 2009: Sarkozy threatens to renounce Andorra title http://euobserver.com/9/27862

French President Nicolas Sarkozy has threatened to renounce his title of co-prince of Andorra if the tiny country does not change its secretive banking laws, a government minister confirmed on Thursday.

Flashback January 8, 2020: Sarkozy Threatens to Levy Internet Search Engines http://www.spiegel.de/international/eur ... 37,00.html

French President Nicolas Sarkozy is mulling a recommendation to impose a tax on Internet ad revenues in France. The proposal is aimed at helping the French culture industries survive the new digital age. But critics say it is absurd, unworkable and will do little more than prop up failing business models.

Flashback September 15, 2009: Sarkozy threatens to walk out of G20 http://www.expatica.com/be/news/belgian ... 56313.html

French President Nicolas Sarkozy is ready to walk out of next week's G20 summit if no progress is achieved on curbing bankers' bonuses, his chief of staff said Monday.

Flashback October 21, 2008: Sarkozy threatens to sue over 'voodoo doll' that tells people to stick pins into President's body http://www.dailymail.co.uk/news/worldne ... -body.html

French President Nicolas Sarkozy has threatened to sue a publishing company unless it withdraws a Sarkozy doll that comes with a "voodoo manual" telling readers to plant pins in it.

The doll is emblazoned with some of Sarkozy's most famous quotes such as "Get lost you pathetic a***hole" -- his words to a bystander who refused to shake his hand at a farm show last year.

Readers are encouraged to plant pins in the quotes.



The above links courtesy of Robert on Minyanville.

Clearly the reports of a temper tantrum are highly credible. Reports that German Chancellor Angela Merkel paid any attention to them are a different matter.

Mike "Mish" Shedlock

http://globaleconomicanalysis.blogspot. ... ident.html