CALDEIRÃO DE BOLSA

Sarkozy raises spectre of destruction of euro and Europe

France warned on Tuesday that European unity would be at risk if eurozone leaders failed to take bold action to tackle its sovereign debt crisis at a crucial summit this weekend.

In sharp contrast to signals from Angela Merkel, Germany’s chancellor, playing down the chances of a breakthrough, President Nicolas Sarkozy said that “an unprecedented financial crisis will lead us to take important, very important decisions in the coming days”.

Raising the sense of urgency, the French president added: “Allowing the destruction of the euro is to take the risk of the destruction of Europe. Those who destroy Europe and the euro will bear responsiblity for resurgence of conflict and division on our continent.”

As Moody’s, the US rating agency, warned that France could see its credit outlook cut as a result of the growing sovereign debt emergency, Mr Sarkozy alluded to his country’s vulnerability were the eurozone to fall apart. “France on its own cannot cope.”

Prime minister François Fillon echoed the need for a rapid breakthrough on Sunday: “If we don’t succeed, Europe will be at great risk.”