The EU would have to bail France just like it has to bail out spain and the EU the has their own finance ministers that deal with the euro group bailout.
BRUSSELS/MADRID – Eurozone finance ministers agreed on Saturday to lend Spain up to 100-billion euros (US$125-billion) to shore up its teetering banks and Madrid said it would specify precisely how much it needs once independent audits report in just over a week.
After a 2-1/2-hour conference call of the 17 finance ministers, which several sources described as heated, the Eurogroup and Madrid said the amount of the bailout would be sufficiently large to banish any doubts.
“The loan amount must cover estimated capital requirements with an additional safety margin, estimated as summing up to 100-billion euros in total,” a Eurogroup statement said.
Source:
http://business.financialpost.com/2012/06/09/eurozone-finance-ministers-agree-to-100-billion-euro-spain-bailout/
Heck even us Canadians and our Canadian Govronment have already said we will not bail out the EU they are weathy first world countries that just mismanged their spending and did not and act fast enough to contain their debt with huge cuts on Govronment spending, Cutting Govroment jobs in all departments with massive layoffs, Reducing Govronment pensions and Raise the taxes, and Raise the minimum age you can Retire before you get your Old Age pension benifts.
Prime Minister Stephen Harper said that Canada will not chip in any funds to a European bailout plan, following two days of fruitless G20 talks that did little to calm skittish markets amid fears of a global recession.
Harper said that Europe has plenty of resources to deal with its own debt problems, and the prime minister suggested that leaders put into action "money sitting on the sidelines" in order to firm up a banking system that has been shaken by Greece's ongoing political and financial drama.
"It is the government of Canada's conviction that Europe remains fully capable of dealing with its own European problems," Harper said in Cannes. "There is a lot of wealth here. There is a lot of firepower here."
Fittingly, Harper was speaking to journalists at a rooftop room that overlooked the wealthy French Riviera and its multi-million-dollar yachts.
At the outset of the G20 conference, there was much hope that the leaders of the world's biggest economies would be able to scrape together a deal to forestall what is increasingly looking like the second, deep global recession since 2008.
But instead of creating a roadmap out of the financial morass, the talks instead turned into finger-pointing sessions punctuated by high-handed moralizing.
Equally troubling for the short-term is the ongoing turmoil in Greece, where a previously approved European Union $1.4-trillion bailout package remains in jeopardy because of domestic politics in Athens.
Read more:
Canada won't dump any funding into Europe bailout | CTV News
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