French President Nicolas Sarkozy, flanked by bodyguards as he rides his bicycle near Cavaliere sur Mer, French Riviera, Monday, Aug. 8, 2011. Sarkozy and his wife, Carla Bruni-Sarkozy, spend their summer holidays at his mother-in-law's property in the Cap Negre. (AP Photo)
French President Nicolas Sarkozy, flanked by bodyguards as he rides his bicycle near Cavaliere sur Mer, French Riviera, Monday, Aug. 8, 2011. Sarkozy and his wife, Carla Bruni-Sarkozy, spend their summer holidays at his mother-in-law's property in the Cap Negre. (AP Photo)
PARIS (AP) ? France's President Nicolas Sarkozy interrupted his vacation to hold an emergency government meeting Wednesday about the debt troubles that have hit global markets hard.
Worries over the debt problems afflicting many countries in Europe and the U.S. have undermined confidence in the economic recovery on both sides of the Atlantic. Sarkozy and some other European leaders have come under criticism for staying on holiday as turmoil gripped trading floors.
Sarkozy's office said in a statement that he summoned select ministers and the head of the French central bank to his Elysee presidential palace Wednesday to discuss "the economic and financial situation."
Finance Minister Francois Baroin, Budget Minister Valerie Pecresse, Foreign Minister Alain Juppe and European Affairs Minister Jean Leonetti will be present.
Sarkozy had been on the French Riviera earlier this week with his pregnant wife, Carla Bruni-Sarkozy.
One idea that may be discussed in the meeting is the French finance minister's suggestion that the eurozone could boost the size of the bailout fund, the European Financial Stability Facility. But Germany, the region's strongest economy, has been reluctant to do more to support debt-ridden neighbors.
After ratings agency Standard & Poors downgraded U.S. debt last week, worries surfaced that France could be next to lose its coveted AAA rating, especially if it has to contribute more to any further European bailouts.
Concerns have also surfaced about French growth. Earlier this week, the French central bank said France will likely grow only 0.2 percent in the third quarter.
Sarkozy's return comes just amid signs that the recent turmoil in financial markets may be easing. Wall Street's late rally Tuesday after the Federal Reserve said it would keep interest rates at near zero percent for the next two years has pushed stock markets higher in Europe and Asia.
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