Eurozone spars over rescue for Greece

Article reports that leaders of the 16 eurozone member states were locked in urgent negotiations on the 23 March 2010 to resolve differences over financial assistance for Greece after Germany spelt out its fundamental conditions for a deal in advance of the European Council summit, Brussels, 25-26 March 2010.

On the 24 March 2010 German Chancellor Angela Merkel’s hard-line stance on Greece came under attack from Lorenzo Bini Smaghi, an ECB executive board member, who warned that the cost of inaction could be far worse than offering temporary financial support to Greece.

Olli Rehn, European Commissioner for economic and monetary affairs reiterated calls on the 24 March 2010 for member states to reach urgent agreement on a Greece rescue plan in order to restore calm to turbulent markets.

BBC News, 25.3.10: Barroso urges eurozone states to agree on Greek aid http://news.bbc.co.uk/1/hi/world/europe/8586465.stm

ESO: Background information: Barroso demands solidarity on Greece http://www.europeansources.info/record/barroso-demands-solidarity-on-greece/

EurActiv, 24.3.10: German consent for helping Greece has strings attached http://www.euractiv.com/en/euro/germany-s-consent-helping-greece-has-strings-attached-news-375148

EurActiv, 25.3.10: Merkel says EU could back Greece as 'last resort' http://www.euractiv.com/priorities/merkel-eu-back-greece-resort-news-379169

European Commission: SPEECH/10/123: José Manuel Durão Barroso President of the European Commission Speech at the European Parliament Plenary in advance of the European Council European Parliament Plenary Brussels, 24 March 2010 http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/10/123&format=HTML&aged=0&language=EN&guiLanguage=en

Spiegel Online International, 25.3.10: Portugal's Financial Troubles Put More Pressure on EU Leaders http://www.spiegel.de/international/europe/0,1518,685643,00.html

Spiegel Online International, 25.3.10: Merkel Maintains Firm Course against Greece http://www.spiegel.de/international/europe/0,1518,685646,00.html

Spiegel Online International, 25.3.10: 'Greece Is a Crucial Test' for Euro http://www.spiegel.de/international/europe/0,1518,685699,00.html

Süddeutsche Zeitung, 25.3.10: Angela’s choice (via PressEurop) http://www.presseurop.eu/en/content/article/217781-angela-s-choice

PressEurop, 25.3.10: Euro hanging by a thread http://www.presseurop.eu/en/content/article/218011-euro-hanging-thread

Deutsche Welle, 24.3.10: Germany says IMF must help pay for Greece http://www.dw-world.de/dw/article/0,,5383576,00.html

Spiegel Online International, 24.3.10: Merkel May Emerge Victorious in EU Battle over Greece http://www.spiegel.de/international/europe/0,1518,685415,00.html

Kathimerini, 24.3.10: Athens composed as rumors fly http://www.ekathimerini.com/4dcgi/_w_articles_politics_100002_24/03/2010_115872

France24, 24.3.10: Eurozone may ask IMF to take the lead in bailing out Greece http://www.france24.com/en/20100324-eurozone-imf-take-lead-bailing-out-greece-loans-debt-crisis

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