May 23, 2011
When Greece’s financial decision makers were summoned to secret talks at a Luxembourg castle by their euro zone partners this month, they knew a tongue-lashing was coming over the country’s stumbling reform efforts.
What they did not expect was that it would be Spain and Italy, as opposed to Germany, that would take the lead in upbraiding Greece for not pushing faster on privatization and tax overhauls.
“The peripherals were furious,” said a person who was present at the talks but who was not authorized to speak publicly about them. “They were accusing Greece of threatening to bring contagion back to their markets.”
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