Sarkozy vows to protect euro, Europe

French President Nicolas Sarkozy on Thursday vowed to protect the euro currency as well as Europe, in a press conference on the first day of the G20 summit held here in the French resort city of Cannes. "The euro is at the heart of Europe… We cannot allow euro to break up. The breakup of the euro means the breakup of Europe," Sarkozy said. The French president said leaders from the world’s major economies focused on the Greek debt crisis in their first day’s meeting in Cannes. "We’ve said clearly that we want Greece to stay in the eurozone but they should do their part of work," Sarkozy said, adding that French and German message had helped with the Greek progress. "When a decision is taken, it has to be enforced," the French president said with a firm tone referring to the hard-won European bailout package backed by all eurozone leaders last week. "The eurozone must prove its credibility to the entire world," Sarkozy said. "The eurozone is determined to do its duty," he added. However, he warned that uncertainties still "surrounds the fate of the Greek government," but said that "we will not meddle in the Greek politics." When asked about economic situation in Italy, Sarkozy noted the rising cost for Italy to borrow on international market but confirmed confidence in Italian economy. "I want to say that I trust the Italian economy," he said. Interest rates for 10-year Italian bonds have climbed above a record of 6.00 percent, raising concerns that Italy might follow the suit of Greece in weighing down the Europe. Under the French presidency, this year’s G20 summit was held in the French resort city of Cannes. The summit was scheduled to seek consensus and cooperation among the world’s major developed and emerging economies in strengthening global financial regulation, reforming international monetary system and stimulating global economic growth. However, darkening economic outlook, as well as confusion sowed by Greek Prime Minister George Papandreou’s surprise call for a Greek referendum on the latest aid package for Athens had pushed the eurozone debt crisis into the spotlight of this year’s summit.