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Merkel, Sarkozy hopeful of euro zone crisis resolution

French and German leaders are hopeful of progress in the euro zone crisis resolution by Wednesday.

Sarkozy merkel eurozoneEnlarge
French President Nicolas Sarkozy and German Chancellor Merkel hold talks in Frankfurt to come to an agreement over the eurozone crisis. (ODD ANDERSEN/AFP/Getty Images)

As the European Union finance ministers outlined a deal on Saturday to recapitalize European banks, German Chancellor Angela Merkel and French President Nicolas Sarkozy said they hoped for a breakthrough in plans to target the debt crisis at a summit this Wednesday, Reuters reports.

Finance ministers agreed on the need to inject 100 billion euros into European banks to protect them from the threat of a Greek debt default after nearly 10 hours of talks, Reuters reports.

Read more at GlobalPost: Sarkozy flies to Frankfort for eurozone talks

Following the talks, Sarkozy said he believed the finance ministers made progress towards a debt crisis resolution.

"There is some progress," Sarkozy said, on his way into a meeting with Merkel, the Wall Street Journal reports. "From now until Wednesday we must find a solution...a structural solution, an ambitious solution, a definitive solution. There is no other choice."

Read more at GlobalPost: Greece will stay in euro zone, Merkel and Sarkozy say

Merkel expressed similar sentiments on Saturday, renewing her pledge that European leaders will maintain the single currency, the San Francisco Chronicle reports.

"We want to and we must defend the euro -- and we will -- but not to the extent that we forget what the source of the crisis is," Merkel said, the Chronicle reports.

Read more at GlobalPost: Merkel and Sarkozy propose closer regional cooperation

http://www.globalpost.com/dispatch/news/regions/europe/111022/merkel-sarkozy-hopeful-euro-zone-crisis-resolution