July 21, 2011
Markets were on tenterhooks on Thursday morning after Germany and France hammered out a last-minute deal on a second bailout of Greece intended to rescue both it and the euro from financial ruin.
French president Nicolas Sarkozy rushed to Berlin on Wednesday and spent six to seven hours talking to German chancellor Angela Merkel ahead of a crisis summit in Brussels. They managed to agree a compromise on the losses that Greece's private creditors are to take, in a complex new bailout for Athens. European Central Bank president Jean-Claude Trichet, who has been Merkel's most vocal opponent in the wrangling over how to respond to the euro crisis, attended part of the talks.
The deal, following a telephone dispute between the two leaders on Tuesday, is to be put to the heads of the European commission, council and central bank on Thursday morning before an emergency summit of the 17 leaders of eurozone countries.
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