France, Germany reach "global" agreement on euro debt issue

French President Nicolas Sarkozy and German Chancellor Angela Merkel have "agreed to provide a global and ambitious response to the current crisis in the euro area" and expected quick adoption of other European peers, according to a Franco-German statement published by the Elysee Place on Thursday. The two leaders made an agreement addressing the euro area crisis in a telephone talk preparing for the upcoming eurozone summit in Brussels, the joint statement said. The "global and ambitious response" comprises three major elements, which are operational implementation of expanded European Financial Stability Facilities, "a plan to strengthen the capital of European banks," and the implementation of the euro area economic governance and the strengthening of economic integration, according to the statement. As to embattled Greek authority, which has carried out a series of austerity measures but still faces armies of protesters, French and German leaders urged the government to "immediately undertake negotiations with the private sector to reach an agreement for strengthening sustainability." They also agreed that all elements of the agreement need further and in-depth discussion at the European summit on Sunday, expecting wider approval by other European leaders before the next gathering no later than Wednesday, the statement said. Leaders of the Euroepan bloc will meet on Sunday in a fresh effort to accelerate Greece's next aid payment to avoid default and stem the debt crisis. Germany and France, two largest powers in the area, are playing key roles in promoting concrete economic and political support to secure the integration of the one-currency bloc.