Angela Merkel and Nicolas Sarkozy have put pressure on Greece and Greek bondholders to reach quickly agreement on the haircut agreed in October 2011.

Since November, Greece began to negotiate with the private investors. Governors would like investors to give up more than 50% of the debt and Greek officials threatened earlier this year that if investors will not accept this and the IMF will not grant a new bailout, worth 130 billion euro, they will exit from the eurozone.

Merkel and Sarkozy have put pressure on Greek government and investors, announced that Greece will not access the new package from the IMF as long as they do not reach an agreement.

For this reason, the euro could reach the 16th month of decline and Greece would need more money from the IMF. On the other hand, Greece has not implemented not even one austerity measure from the ones agreed at the summit in October.

The Greeks had to sell public assets worth 50 billion euros, but so far have sold only 1.7 billion euros. They had to lay off 30,000 people from the public system, but they have lay off just 1,700. The Greeks have not reduced pensions, as they agreed in October.

Instead, Greek lawmakers have only approve the budget for 2012, one fancy at the moment, based on investor’s haircut and the astronomical loan from the IMF. Loan will not come as long as Greece will not reach understanding with the bondholders and will not implement the austerity measures agreed in October, which was the express wish of Christine Lagarde, head of the IMF.

“We want to see progress in Greek debt restructuring. From my point of view and Nicolas Sarkozy’s, the second rescue package of Greece depends on the debt restructuring,” said Angela Merkel. “The situation is very tense in the eurozone, perhaps now more than ever,” Nicolas Sarkozy added.