Financial Times
July 16, 2011
Eurozone leaders will hold an emergency summit on July 21 try to agree a second international bailout for Greece and a more comprehensive solution to the sovereign debt crisis now engulfing other parts of the bloc’s periphery.
With Italy and Spain bracing themselves for a further battering on bond markets next week in the absence of a breakthrough, Herman Van Rompuy, the EU’s president, said the 17-nation bloc’s leaders would meet in Brussels to discuss “the financial stability of the Euro area as a whole and the future financing of the Greek programme.”
The announcement will raise expectations that European leaders are moving closer to a comprehensive package to address the crisis after months of debate.
“There are times in history when it really matters,” said a European diplomat. “This is one of those times. The people working on a comprehensive package feel the weight of their responsibility and know that the world’s eyes are on them.”
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