From our correspondent in Brussels

A pain in childbirth. After a head-to-head tight between Angela Merkel and Nicolas Sarkozy, the sixteen countries of the euro agreed Thursday on a plan of aid to Greece. He shared the role of lender of last resort between the Europeans and the International Monetary Fund.

Germany, long reluctant to directly support Athens has finally agreed to contribute financially, with other countries. In return, France and Brussels institutions will accommodate themselves to a "substantial involvement" of the IMF, led by Angela Merkel in the European fold. Beyond the Greek emergency, countries of the euro should also prepare for a new diet on the budget model Germans.

As for Greece, the Franco-German compromise provides for a "European framework" consisting of bilateral loans and coordinated by the States.Getting an added "complement" of IMF lending, minority according to Paris. The details of the text remains to tie up. The envelope said to be in Brussels, should be between 20 and 22 billion euros. Greece was considered "quite acceptable". The method could be extended to other countries plunged into the red.

On the fiscal side, the France accept the German demand for a say on strengthened European national deficits, "including sanctions." This tightening could indicate the end of the year, with a revision of treaties. Grant to Berlin, Paris is already planning "all legal options".

The Franco-German compromise, dictated by the urgency, did not dispel all misunderstandings. Berlin, veiled, concerned about the French penchant for French growth based on consumption and public investment.In contrast, Paris has openly criticized, Christine Lagarde, German model based on savings and export feed which comes deficits neighbors.

The Franco-German agreement was expanded in the evening to the sixteen countries of the Eurogroup meeting on the sidelines of emergency summit in Brussels European cash advance . It dictates the immediate requirement that the EU would apply beyond Athens to all countries in the euro area exceeded its deficits. Explosion of debt, sluggish growth and low productivity, Portugal, Spain and Italy share the same ills as Greece.

The pill is bitter ahead for Premier Papandreou. He waited for Europe to help to refinance at a lower cost. Athens must find 15 billion euros by early May and 50 billion by the end of the year.The conditions imposed by Angela Merkel are the joint support of the EU and IMF use a strong deterrent.

Greece can not make call as a last resort, in full only if the sixteen countries of the euro note – unanimously – that it can not refinance market. The European funding will be "no element of subsidy. IMF side, the rates appear more attractive. But they relegate Greece to rank countries attended. They also spend an extra dose of austerity that Athens would have trouble passing against the social anger.

On the merits, Angela Merkel has essentially dictated the law to the EU. At first isolated in its orthodoxy, Germany has shown that nothing can be done without it in a Europe in crisis. Inflexible, the Chancellor has imposed his choice.Nicolas Sarkozy, head of the ECB Jean-Claude Trichet, president of the Eurogroup Jean-Claude Juncker, the head of the EU executive Jose Manuel Barroso, all would have preferred a purely European. All saw the use of IMF interference in the pride and independence in Europe. But Thursday night, the threat of a collapse on the euro does them no choice.

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