July 20, 2011
German Chancellor Angela Merkel, under mounting pressure in and outside Germany to show stronger leadership in the euro-zone debt crisis, reached a late-night compromise with France over a fresh bailout for Greece ahead of a crucial European summit planned for Thursday.
The chancellor's six-hour meeting with French President Nicolas Sarkozy, which European Central Bank President Jean-Claude Trichet also joined, managed to find a mutually acceptable formula for how to involve Greece's bondholders in the expected new rescue package, according to a senior official present at the talks.
The official didn't give details of the joint proposal, which will be presented to Thursday's meeting in Brussels of all 17 euro-zone national leaders.
The agreement between the euro zone's two most important members, with the apparent consent of its top central banker, is expected to pave the way for a Europe-wide deal at the Brussels summit.
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