Eurozone leaders are exploring an array of options to break an impasse over a new Greek bailout at a critical summit on Thursday as pressure mounts on them to solve an epic debt crisis.
After several turbulent days for the euro and European stock markets, the eurozone is scrambling to seal a deal and prevent the crisis from dragging down bigger nations, with Italy and Spain facing high borrowing costs.
Germany and France, at odds over Berlin's insistance on involving private bond holders in the second Greek bailout, voiced optimism that an agreement demanded by the markets would emerge at the summit.
'I am confident,' French finance minister Francois Baroin said in Washington, where the US treasury secretary Timothy Geithner renewed calls for European leaders to find a lasting solution.
'There are a lot of discussions on the telephone. People are working hard on a solution which allows — and this is the aim of France's position — the avoidance of a (sovereign) default or a credit event,' he said.
Source : New Age
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