Wall Street Journal
June 22, 2011
European Union heads of government will reassert their commitment to bailing out Greece at a meeting on Thursday and Friday, but stress the importance of private-sector involvement and another round of budget cuts by the government.
After months of building up the June 23-24 summit as the make-or-break event for the region's debt crisis plan, it has become clear that it is just another in a long line of intermediate steps.
The Greek drama has stalled progress on other European Union reform efforts, say officials, while the country's financing hole will remain unresolved at least until next month.
German Chancellor Angela Merkel said Wednesday that the details of Greece's latest bailout will be thrashed out at an extraordinary euro-zone finance minister meeting scheduled for July 3.
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