Hollande warned Tsipras - Greece can be kicked out of Euro zone

Greece is heading parliamentary elections on Sunday with the highest chance of winning for extreme-left populist coalition SYRIZA. Left movements in all Europe are inspired by the Francois Hollande's victory in France. But now SYRIZA and its leader Alexis Tsipras were surprised by... Francois Hollande, who said Greece may be kicked out of Euro zone if it does not fulfill its promises given in exchange of billions of EU and IMF bailout money. Politicians like Tsipras relied much on French support after Hollande has crushed Nickolas Sarkozy using anti-austerity rhetoric. Some days ago Spain negotiated a 100 billion Euros ($126 billion) loan for saving its banks. No austerity measures were demanded in exchange. So it looked like Europe is stepping back from spending cuts. But Hollande's talk reverses this and makes clear that for Greece there will be no magic solution (like staying in Euro zone, without cutting the deficit and using for this money from Germany and other donors). Obviously Hollande is not happy that being the leader second-size donor will have to pay for Tsipras' dreams.

June 14th 2012

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