An agreement signed in Brussels between Athens and its creditors puts some strict limits on Greece. The compromise was reached thanks to France.
According to France, Greece’s exclusion from the euro area will lead to catastrophic consequences for the country and to the euro’s fall. It seems this managed to convince Germany that the door for negotiations between Greece and the international creditors should be left open.
"If 'Grexit' is avoided, it will show that Hollande has been a bridge-builder and helped avoid a geopolitical catastrophe," said Rem Korteweg, senior researcher at the London-based Centre for European Reform (CER) think tank.
After Alexis Tsipras was appointed the Premier, France became a sort of a bridge between the left government of Athens and Europe. The French president is sure that Tsipras needs help in grasping the Brussels diplomacy. Paris appointed its best negotiators to help Greece work out a compromise with the creditors.
The ground for the last meeting in Brussels was prepared, but Germany managed to capture initiative during the negotiations. As a result, France had to watch Merkel imposing her requirements.
"Greece remains in the euro zone - that was our goal," Francois Hollande said.
