Merkel, Sarkozy to meet Saturday in Brussels

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Merkel, Sarkozy to meet Saturday in Brussels
FRANKFURT (MarketWatch) -- French President Nicolas Sarkozy and German Chancellor Angela Merkel will meet Saturday night in Brussels to prepare for the summit meeting of European leaders set for Sunday, the leaders said in a joint statement Thursday. "The president and the chancellor have agreed to provide a comprehensive and ambitious response to the current crisis in the euro area," which will include implementing a revamped euro-zone bailout fund, strengthening the capital of European banks and strengthening economic integration and economic governance, the statement said. Greek authorities will have to make "ambitious" commitments to addressing its deficit situation as part of a new bailout program, with Germany and France calling for talks with the private sector on reducing Greece's debt load, the statement said. The measures will be discussed Sunday and adopted at a second summit meeting no later than Wednesday, the statement said.