BBC News
July 21, 2011
It is inconceivable that eurozone leaders will end their summit without declaring they have reached an agreement on the problems facing Greece and the euro. That is not how these things go.
The question will be whether the solution they find has appreciably lowered the chance that we will be back facing another "crunch point" in a few months' time.
As I suggested on the Today programme, I fear the answer to that question will be no.
Overnight, Germany and France are said to have agreed on a solution for involving the private sector in a second Greek bailout.
I am told that officials are now exploring some of the specifics with key representatives of financial institutions - like Charles Dallara, of the Institute of International Finance - so the European leaders can say that they have at least some private sector support for the plan.
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