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Germany, France break euro bailout deadlock

German Chancellor Angela Merkel and French President Nicolas Sarkozy, the eurozone's key players, agreed on a "common position" after late-night talks in Berlin just hours before the summit in Brussels, the French president's office said.

European Central Bank president Jean-Claude Trichet took part in the meeting.

Officials refused to provide any details but the Franco-German agreement will lay the groundwork for negotiations between the eurozone's 17 leaders after weeks of debate over how to put a lid on the year-long debt crisis.
Merkel had unsettled markets on Tuesday by downplaying expectations that the Brussels get-together would result in something "spectacular" to end Europe's problems in one fell swoop.

"Today's summit could provide the last chance for eurozone policy makers to get a grip on the region's debt crisis," said the research firm Capital Economics. "Anything other than a very decisive response could see the situation become irretrievable," it said.
http://www.thelocal....0721-36439.html

Edited by Rogerdodger, 21 July 2011 - 09:49 AM.

I heard that a portion of the Greece's debts will be forgiven!!! Think about it: why would you throw more good money against a bad investment while all you really need is to accept the mal-investment and start over better??? What a novel idea!?!?! Instead US has to add even more debt to rescue the bankers' {bleeeep} ups!

arb I could be wrong, but i thin what they are saying is that the ESF will bail out Greece's bank debts (like Geithner did with AIG etc) and then, the ESF will forgive debts if need be - at that point, the ECB will assimilate the loss - i.e. the loss will be borne by the EU citizens. not so novel, eh?

arb

I could be wrong, but i thin what they are saying is that the ESF will bail out Greece's bank debts (like Geithner did with AIG etc) and then, the ESF will forgive debts if need be - at that point, the ECB will assimilate the loss - i.e. the loss will be borne by the EU citizens.

not so novel, eh?

I was wondering why the banks were up so much since yesterday