EU moves closer to rescue Greece
By Aoife White |
February 11, 2010, Thursday
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Print Edition
Print Edition
WEALTHY European nations are moving closer toward swallowing a bitter pill: rescuing Greece from its overspending before its debts hit the euro and stock markets all the way to Wall Street.
Stocks in the United States and Europe rose on Tuesday on expectations of some kind of decisive action to prevent a Greek debt default that could spread to other countries, undermining Europe's hesitant economic recovery.
European Union leaders will issue a statement on Greece's debt crisis during a meeting today, officials said, without giving details of what it would say. Markets reacted well to news that European Central Bank President Jean-Claude Trichet would make a rare appearance at the summit in Brussels - which they saw as confirmation that some help would be discussed.
The crisis has exposed the EU's Achilles' heel - states remain independent to spend as they wish, but their decisions can affect all 16 eurozone nations. Countries that help Greece risk having their own borrowing costs rise as a result, and could see other struggling eurozone economies get in line for aid.
Bernard Valero, a spokesman for France's foreign minister, said on Tuesday that "we must help" Greece. "It's about helping a friend ... we are the European family." He did not give any details of that help.
Germany is also looking at ways to help Greece, but nothing has been decided yet, Michael Meister, a deputy parliamentary leader, was quoted as saying.
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