Wall Street Journal
July 20, 2011
Euro-zone governments are locked in a debate over how aggressively they should reduce Greece's existing debt burden as part of a new financing package for the country, senior euro-zone officials said.
A flurry of options are being considered as governments scramble to narrow their differences ahead of an emergency summit of euro-zone leaders Thursday. Senior finance ministry officials and aides to the heads of government will meet Wednesday in Brussels to try to hammer out a deal.
French President Nicolas Sarkozy is set to travel to Berlin on Wednesday to meet German Chancellor Angela Merkel, in a last-minute attempt to find a compromise solution before the summit.
A U.S. Treasury official also said there had been frequent phone calls exchanged at senior levels of Treasury with European counterparts on the issue. A spokeswoman for Canada's finance minister Jim Flaherty said the minister keeps in close contact with his counterparts, but nothing "formal" among Group of Seven members is planned ahead of the summit.
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