France’s newly-elected president, Francois Hollande, enjoys a light

moment with President Obama, at the Oval Office, May 18. The two

oppose German austerity plans for Greece and the rest of the euro

area, and fear a German proposal to have Greeks vote on whether

to remain in the European Monetary Union.

G8 Summit: Obama and Hollande Say What Merkel Doesn’t Want to Hear (Le Figaro, France)

“This Franco-American alliance threatens to thwart the German chancellor, who wants to see Greece hold a referendum on the euro alongside parliamentary elections on June 17. This implies that a ‘no’ from the Greeks would be followed by a Greek exit from the monetary union. Such a precedent would open a Pandora's Box, and could trigger the dismantling of the entire eurozone.”

By Pierre Rousselin

Translated By Pierre Guittard

May 18, 2012

France - Le Figaro - Original Article (French)

The emerging "convergence" on the issue of growth between Francois Hollande and Barack Obama has the immediate objective of preventing the eventual exit of Greece from the eurozone.

While Angela Merkel thinks that a Greek exit from the eurozone could be a manageable one, Barack Obama fears this would trigger a major crisis in Europe, which would very quickly spread to the U.S. and ruin his chances for reelection in November. That is why the American president supports Holland’s position and wants the G8 Summit to focus primarily on the Greek crisis.

Posted by Worldmeets.US

This Franco-American alliance threatens to thwart the German chancellor, who wants to see Greece hold a referendum on the euro alongside parliamentary elections on June 17 (the translation of her remarks on this subject seem to have caused some incomprehension in Athens ... ). This implies that a "no" from the Greeks on the euro would be followed by a Greek exit from the monetary union. Such a precedent would open a Pandora's Box, and could trigger the dismantling of the entire eurozone. This is a risk that Paris (backed by Washington) is unwilling to take, even if to show "solidarity" with and relax conditions demanded of Athens. It is precisely what Berlin doesn’t want to hear ...