July 15, 2011
After days of pressure on Chancellor Angela Merkel of Germany to reach a second bailout deal for Greece, European leaders decided Friday to hold a summit meeting next week to break the deadlock, giving them several more days to surmount continuing divisions on a rescue plan.
Herman Van Rompuy, the European Council president, announced that the meeting would be held Thursday, six days later than originally expected — a reflection of the problems involved in reaching a deal.
Negotiations on the bailout have proved to be highly complex. Some diplomats have predicted that a plan that forces private investors to share the burden, as demanded by Germany, could prove more costly to taxpayers than a plan that does not.
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