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Angela Merkel, Nicolas Sarkozy and representatives of European institutions and the International Monetary Fund also met the Greek Prime Minister Giorgos Papandreou in Cannes.

After the meeting, the Chancellor said that the planned Greek referendum has "substantially changed the psychological situation".

The euro zone wants to help Greece

The euro-zone states want to help Greece and also want Greece to remain in the euro zone. Greece’s unilateral decision has, however, changed the situation, declared Angela Merkel.

Nicolas Sarkozy and Angela Merkel called on Greece to build a consensus among all political forces in the country. Nicolas Sarkozy said that while it is legitimate to go to the people, the referendum should be held as swiftly as possible. Giorgos Papandreou suggested that it could be held on 4 or 5 December.

Angela Merkel underscored the fact that basically, the Greek referendum is about nothing other than whether or not Greece wants to stay in the euro zone.

"Forewarned is forearmed," declares Angela Merkel

The Chancellor sees the need to keep the euro as a whole stable and to overcome the sovereign debt crisis as the essential issues. She said, "We would prefer to do this with Greece than without Greece, but our overriding concern and overarching commitment is to keep the euro stable."

If the Greeks vote “No”, the other euro-zone states will respect their decision. But the Europeans are prepared for this eventuality too. "Forewarned is forearmed," declared the Chancellor.

She pointed out that the decisions taken on 27 October were right. She concluded, "The decisions must be translated into practice more swiftly. We need clarity, more rapidly. Then we will be in a position to find the answer that is good for the euro, no matter what the outcome of the Greek referendum is."