Downing Street Says » President Sarkozy

» Tuesday, October 28, 2008

President Sarkozy

Asked what the Prime Minister would be discussing with President Sarkozy this afternoon, the PMS said that they would discuss the international economic situation. The purpose of the meeting was to take stock of where we stood on the reform of the international financial system, ahead of the European Council Meeting next Friday and the World Leaders Meeting the following weekend. The Prime Minister and President Sarkozy would also discuss the situation in Eastern Europe, and the impact that the financial crisis was having there. The Prime Minister had discussed the situation in Eastern Europe with the Managing Director of the International Monetary Fund (IMF) twice in recent days, as well as the Prime Minister of Hungary. It was clear that the IMF would have a central role to play and the Prime Minister welcomed the action they had taken to date.

Asked if there was a fear that there could be a domino effect on the rest of Eastern Europe if Hungary was not offered help, the PMS said that, as we had seen over recent weeks and months, instability in one market could have an impact on others. In respect of Hungary, it was important to deal with these issues as best we could at the earliest opportunity.

Asked how our response to Hungary would differ to our response to Iceland, the PMS said that the situation in Hungary was different to that in Iceland, the instruments to which Hungary was entitled to draw were different to those of Iceland due to the fact Iceland was not a member of the European Union, and so our response would be different.

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