Estonian Finance Minister Juergen Ligi said he is more worried about promises by the leading contender in the French presidential race to re-negotiate the agreement to cut budget deficits in the euro area than the Greek elections next month.
“A U-turn on the fiscal pact as promised by some hopefully isn’t possible,” Ligi said in an interview with public broadcaster Eesti Rahvusringhaaling today. “Election rhetoric shouldn’t yet be considered as actual policies, but it is worrying. The finance ministers are certainly following these events with pain.”
Socialist François Hollande, the winner of the first round of France’s presidential elections, said yesterday France won’t ratify the European agreement pushed by Germany to tighten budget rules if he’s elected. Hollande faces incumbent Nicolas Sarkozy in a runoff on May 6, the same day as general elections in Greece.
Estonia will delay its goal to return to a surplus budget by the year 2014 due to the European debt crisis, the country’s government said.