July 20, 2011
Hours ahead of a crucial summit meeting called to confront the European debt crisis, officials were pressing Wednesday for a rescue plan for Greece that would push the country into temporary default, despite warnings from the European Central Bank of the risk to bigger economies.
The leaders of the 17 member countries of the euro zone are to meet Thursday in Brussels to seek a way to keep the debt crisis from spiraling out of control after a week of market turbulence in which borrowing costs spiked in Italy and Spain.
Many see the meeting as a moment of truth, particularly for the German chancellor, Angela Merkel, whose caution has been blamed by some for the region’s failure to stem the crisis, and who, earlier this week, played down expectations of a breakthrough on Thursday.
“Nobody should be under any illusion: the situation is very serious,” said José Manuel Barroso, president of the European Commission, the executive arm of the European Union. “It requires a response, otherwise the negative consequences will be felt in all corners of Europe and beyond.”
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