July 15, 2011
The latest divide among countries using the euro is how quickly to set a deal to try resolving Greece's debt crisis, with vulnerable economies fearing that delays risk more contagion and market turmoil.
That gap has given new meaning to two-speed Europe, hitherto used to describe the widening growth gap between the core economies around Germany and the less-dynamic periphery.
Several officials from the euro-zone's southern fringe, including the Greek and Spanish prime ministers, have called for quick resolution. Germany argues against haste, claiming that Greece has international funding under its former bailout until September and that talks haven't closed in on a deal for a second package.
Steffen Seibert, Chancellor Angela Merkel's chief spokesman, said Friday that a summit is only needed when an agreement on a new program of aid for Greece is imminent. "There's no set date for that kind of meeting," Mr. Seibert said. A summit will be called when deemed necessary and "sensible."
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