United and satisfied: the European family welcomed Friday to have averted a major crisis, after having reached an agreement Thursday to come to the aid of Greece when the latter feels the need. "The euro area takes its destiny in hand, welcomed Nicolas Sarkozy, speaking of" not major "countries in the euro area. After the tensions of recent weeks, the French president stressed the agreement between France and Germany. "I think it was a relief for all of Europe to see that we were able, in the service of the European ideal, to reach an agreement," he said.

Angela Merkel has also spoken of "important day for the euro, saying" very satisfied "with the agreement reached.Indeed, the Germans have left their mark on this mechanism: they did accept the principle of a partially provided by the IMF and obtained a de facto veto power, since the aid plan can be triggered that with the unanimous agreement of the Twenty-September But Berlin has not sacrificed as much for the idea of Europe, has assured the Chancellor, compared to the "Iron Lady" Margaret Thatcher into the German press. "These decisions show that Member States will not allow the euro area is destabilized and solidarity that exists," she stressed.

European officials have reiterated that no good practical help and had been decided that the goal was paradoxically not use the device. "We hope it will not need to be activated," assured the President of the European Council, Herman Van Rompuy.The idea is enough to reassure markets that they agree to lend again to Greece at lower rates. The initial results were encouraging faxless cash advance . On Friday, the risk premium difference between good Greek and German 10-year fell by 9 basis points to 304 points. One that is still very high.

Build trust

In Athens, the relief was palpable. The agreement sends "a very positive signal to markets," assured the Prime Minister George Papandreou and the government will launch a new loan "timely."

The European Awards for their part, reacted mixed, while the euro was on top of $ 1.34 (it had plunged to below $ 1.33 before the summit)."I hope that financial markets will now act on facts, not fiction," said President of the European Commission, Jose Manuel Barroso.

It is indeed crucial to build trust. "There is no country that is in a situation comparable to that of Greece, on Friday assured the leader of the Eurogroup Jean-Claude Juncker. But markets fear a domino effect. Portugal is the first line, which has seen its rating deteriorated by Fitch. Ireland, Italy and Spain are on a tightrope, with their finances well into the red. More broadly, 20 states on 27 of the EU are subject to excessive deficit procedure; this week, the Commission expressed concern about their optimism about their strategy for ending the crisis.And for Economic Affairs Commissioner Olli Rehn, "this year will be the first real test for the implementation of the budget strategy adopted last year.

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